War gains: windfall profits on liquified natural gas exports, 2022-24
Companies exporting liquified natural gas from Australia have made windfall profits close to $100 billion since 2022, when energy prices spiked because of Russia’s invasion of Ukraine.
Most of these profits are based on royalty-free gas and no Petroleum Resource Rent Tax was paid.
At best, $20 billion in company tax was paid on this windfall.