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Minerals Week shines a light on NSW’s resources future

The Minns Labor Government has taken an ultrasound of the Earth’s crust, and what it found could unlock the next generation of mineral discoveries across the state.

New geological data from the Lachlan Fold Belt, released today as part of NSW Minerals Week, delivers a major step forward in understanding one of Australia’s most prospective regions for critical minerals and high-tech metals.

Preliminary results show that rock formations known to host copper and gold may sit closer to the surface than previously understood, while large fault systems linked to existing mining areas can be seen extending even further underground.

The survey has also identified underground rocks associated with minerals used in manufacturing and clean technologies. This includes tin, tungsten and molybdenum, as well as rock types linked to high-value metals such as scandium, nickel, cobalt and platinum.

These critical minerals are essential for modern life. Cobalt and nickel go into the batteries that power electric vehicles. Tin and tungsten are essential to everyday electronics. Finding them in NSW means finding them in a stable jurisdiction with the ability to get them to market.

The seismic survey was conducted over two geographical lines extending 420 kilometres across the Lachlan Fold Belt, including the longest continuous seismic line ever acquired in NSW.

Also released this week is the foundation of a Petrophysical Atlas of NSW, giving explorers access to vital rock property data including magnetic properties, conductivity, resistivity and density. Developed through the assessment of more than 1,200 core samples over four months, the atlas will make high-quality exploration data more accessible to industry, researchers and the broader geoscience community.

The releases coincide with NSW Minerals Week, which has seen hundreds of investors and explorers attend events including Exploration in the House, the Exploration and Tenures Forum and the Sydney Resources Round Up.

Both form an important part of the NSW Critical Minerals and High-Tech Metals Strategy 2024–35, including a royalty deferral to support new critical minerals projects moving to production and a co-funded exploration program for explorers, researchers and industry partners.

The Minns Labor Government is committed to ensuring that as global demand for critical minerals grows, the benefits are felt across the communities that depend on a strong and sustainable resources sector.

Mineral royalty revenue for 2025–26 is forecast to reach approximately $302 million, up from $250 million the previous year, funding the roads, schools, hospitals and transport that communities rely on.

Minister for Natural Resources Courtney Houssos:

“Mining has a long history in NSW and it will continue to play an important role in our economy, particularly as global demand for critical minerals continues to grow.

“By releasing high quality geoscience data this NSW Minerals Week, the Minns Labor Government is partnering with industry to reduce exploration risk and give investors greater confidence.

“Critical minerals are essential for modern manufacturing, clean energy technologies and advanced industries. Finding and developing them in NSW means producing them in a stable jurisdiction with clear rules and strong environmental and regulatory standards.

“Royalties from our mining sector fund the roads, health services and community infrastructure that regional NSW depends on. Supporting exploration today means supporting those communities for years to come.”

Milestone reached in fix for major Central Coast traffic pinch point

Over 26,000 Central Coast motorists are a step closer to ditching one of the region’s worst bottlenecks, with the first construction stage of the Tumbi Road intersection upgrade wrapping up this week.

As part of a broader plan to improve safety and traffic flow between Wamberal and Bateau Bay, the intersection of Central Coast Highway and Tumbi Road is being upgraded with a $52.4 million investment from the Albanese Labor Government and a $13.1 million investment from the Minns Labor Government.

Delivered in construction stages, the project is already making strong progress on the ground.

Stage 1 focused on improving traffic movements through the intersection by removing the old concrete medians and roundabout, replacing them with a temporary asphalt roundabout, and relocating critical utilities including water, sewer, gas and electrical services.

Stage 2 will see earthworks on the western side of the project, north of the roundabout, to create the required width for the new traffic lanes. It will also continue installation of the sandstone and concrete retaining walls, as well as property adjustments at businesses along the Central Coast Highway.

This next construction stage will also see new stormwater drainage installed, upgraded and smoother road pavements and footpaths, and improvements to bus stops to better support the growing communities of the Central Coast.

Since construction began in June 2025, crews have completed extensive vegetation clearing, major earthworks, utility relocations, new street lighting and the construction of a 2.5-metre-high sandstone retaining wall to support road widening and safer pedestrian access.

For the thousands of locals who rely on this stretch of road every day, whether commuting to work or getting kids to school, this upgrade will mean less time stuck in traffic and more reliable trips across the Central Coast.

The full upgrade is on track for completion by mid-2028, with the community to be kept informed as work progresses.

Federal Minister for Infrastructure, Transport, Regional Development and Local Government, Catherine King:

“This is an exciting step toward improving traffic flow at a notorious bottleneck for commuters on the Central Coast.

“The Australian and NSW Governments are committed to delivering the new roads communities need. This safer intersection will mean smoother traffic flows and better connections for everyone using Central Coast roads.”

Federal Member for Dobell, Emma McBride:

“I’m pleased to see the first construction stage of this important upgrade to Tumbi Road now completed.

“Replacing the roundabout with traffic lights will ease local congestion, improve safety and help reduce travel times.”

NSW Minister for Roads, Jenny Aitchison:

“The Central Coast community can breathe a sigh of relief this week knowing we’ve reached the next milestone in this major upgrade.

“Getting stage one complete means we can now move into the next phase of work to build a safer, more reliable intersection that makes everyday trips easier – whether you’re heading to work, school drop-off or running errands.

“This is about making sure people can get where they need to go safely and with less stress, and we’ll keep the community updated as the upgrade takes shape.”

NSW Minister for Central Coast, David Harris:

“I’m proud to be part of a government delivering infrastructure to our growing region and in this case upgrades that make a real difference to improving safety, easing congestion and giving people more time back in their day instead of sitting in traffic.

“This project has also delivered for the local economy, supporting 125 local jobs throughout construction.”

Member for The Entrance, David Mehan:

“Seeing stage one complete shows real momentum on a project that will make a lasting difference to how people move around the Central Coast.”

“No matter if you’re heading to the shops, school drop-off or work, this project is about making everyday trips faster, safer and more reliable.”

Sydney Metro probity investigation referred to police and integrity agencies

A major contractor on the Western Sydney Airport Metro project has been terminated after a probity investigation into supply chains.

The investigation’s findings have been referred to police and integrity agencies.

A Ministerial Direction has been issued to the independent board of Sydney Metro requiring that all future subcontracting is carried out under strict compliance prior to any settlement of claims on the project.

In December 2022, the former Liberal-National Government awarded the largest ever Public Private Partnership contract in NSW to Parklife Metro, known as the Stations, Systems, Trains, Operations and Maintenance contract.

Sydney Metro commissioned the contracting investigation in September 2025 after media reports of potential criminal activity and workplace breaches at Western Sydney Airport Metro.

Initiated under the terms of the project’s contract, the investigation by Max Kimber SC has made several significant findings about Future Form Civil Pty Ltd and numerous downstream contractors it engaged.

These include the suspected underpayment of workers, inadequate insurance coverage and tax fraud.

From July 2024, Future Form was engaged by Webuild under four subcontracts for formwork, reinforcing and concrete pouring services, as well as the provision of construction workers.

Future Form then sourced labour from downstream contractors for which it did not obtain approval for or disclose as required.

Due to its complex contractual chain, the investigator believes Future Form was unable to track who was on site, the work they were performing and how much they were being paid.

This includes an inability to verify basic details on invoices worth more than $10 million.

Mr Kimber found at least one worker was asked to come to site to be paid “cash in the hand” before having money transferred to his bank account by an unknown subcontractor.

Text evidence shows the man was instructed to say he was working directly for Future Form, not the unnamed subcontractor.

An email claims “some other workers are on social benefits and working for cash”.

The confidential Kimber report also details a number of labour supply companies were incorporated within days of each other and to the same residential address.

The companies had the same director and secretary and sent invoices and verifying material to Future Form over the Signal app, through which messages later self-delete and erase all information.

The report also flagged potential insurance fraud by at least one contractor, with significant discrepancies between its notification to iCare and its payroll records.

Mr Kimber noted key individuals from subcontracting organisations refused to cooperate with his investigation.

His report is being referred to agencies which have the power to compel witnesses and documents.

These include:

NSW Police
NSW Crime Commission
Independent Commission Against Corruption
National Anti-Corruption Commission
Fair Work Ombudsman
Australian Tax Office
Revenue NSW

As operating company on the Western Sydney Airport Metro project, Parklife Metro has now removed Future Form and all its downstream contractors.

Minister for Transport John Graham said:

“We will not tolerate any impropriety on our building sites, including such an important and generational project as Sydney Metro – Western Sydney Airport.

“The disturbing findings of investigator Max Kimber SC will now be put in the hands of the right agencies with the coercive powers to investigate this matter fully.

“The Liberals were convinced that public-private partnerships were the best model for projects like this, but we are concerned it has privatised the profit, socialised the risk and kept probity as private as possible.

“I have issued a Ministerial Direction which makes clear to the directors of Sydney Metro that the NSW Government expects this to be fixed.”

Treasurer Daniel Mookhey said:

“The public is right to demand that anyone working on a taxpayer funded project, big or small, always follows the law and follows the rules. Regardless of whether they are the head-contractor, or a sub-contractor.

“Expect this Government to act when and wherever suspect behaviour surfaces in our $130 billion infrastructure program.

“All members of the infrastructure and construction industries must do the same.”

$1.2 million grant program to support community-led resilience projects

Community organisations are invited to apply for funding under a special round of the Community Partnership Action (COMPACT) Program, which will deliver $1.2 million to projects supporting whole-of-community initiatives.

Not-for-profit organisations in NSW may be eligible for grants of $50,000 to $100,000 per year for partnership projects for up to 2 years.

The COMPACT program has grown to support a state-wide network of community partners and allies, engaged more than 80,000 young people, and has proven to build social cohesion and community resilience.

COMPACT supports partnerships and collaboration between community, non-government, youth, sports, arts/media, educational, industry and other organisations by providing grant funding for innovative, evidence-based community projects.

Successful projects build youth leadership and support networks, facilitate respectful dialogue and engage young people through sports, art, charity and community service. New projects will join the COMPACT Alliance alongside current partners including Courage to Care, Youth off the Streets, Story Factory and the NRL.

Eligible organisations are invited to apply for funding before 4pm on Friday 29 May 2026.

An online information session will be held on 14 May 2026 to provide further information on the program and guidance on the application process.

To apply click here: https://multicultural.nsw.gov.au/compact-grants/compact-sccr-2026-2028/

Minister for Multiculturalism Steve Kamper said:

“Communities across NSW have shown extraordinary solidarity in the face of recent acts of hate and extremism.

“This round of COMPACT funding will support community-led initiatives that bring people together across cultures and faiths, strengthening trust, connection and resilience across our state.”

Multicultural NSW CEO Joseph La Posta said:

“Over the past decade the COMPACT program has inspired 80,000 young people to stand together against hate and division.

“We’re now inviting organisations to partner with us to continue delivering initiatives that build strong, resilient local networks.”

Minns Labor Government invests $600,000 to make Central Coast’s Peninsula greener and cooler

The Minns Labor Government is investing $600,000 to help transform the streets, parks, and public spaces of Ettalong, Umina and Woy Woy into cooler, greener environments

The funding will allow Central Coast Council to deliver 360 trees and 1,500 square metres of biodiverse understorey planting, creating more liveable and climate-resilient communities on the Peninsula.

It’s part of the Greening our City program which supports councils to grow tree canopy cover, which helps reduce urban heat and boosts biodiversity, so neighbourhoods are more liveable and climate resilient.

As part of round five, eight projects across the Central Coast, Hunter, and Illawarra-Shoalhaven will receive more than $3 million to plant more than 12,000 trees and 14,500 square metres of understorey planting.

It’s the first time the program – which targets councils in fast-growing areas where urban greening will make the biggest difference for growing populations – has been expanded beyond Greater Sydney.

Almost 90% of plantings in the current round will go into sites that have less than 20% canopy cover. These plantings will cool neighbourhoods, improve air quality, and support communities in areas that need it most.

Since 2019, the program has awarded $46.8 million to 164 greening projects across Greater Sydney Central Coast, the Hunter and the Illawarra-Shoalhaven to build climate resilience, improve air quality, and connect communities with nature.

The program is funded by the NSW Climate Change Fund and administered by the Department of Planning, Housing and Infrastructure, with applications assessed by an independent panel and overseen by a probity advisor.

A list of successful applicants is available on the NSW Government website.

Minister for Planning and Public Spaces Paul Scully said:

“This is another example of the Minns Labor Government helping create high-quality green spaces.

“Greening our City delivers beautiful public spaces where people can relax and play in cooler, more liveable communities.

“This grant will make the Central Coast a greener and more enjoyable place to live, work and visit.”

Minister for the Central Coast David Harris said:

“Planting more trees across Ettalong, Umina and Woy Woy is a practical way to help beat the heat in our growing community.

“More trees mean more shade, cooler streets, and a better, more sustainable quality of life.

“The Greening our City program is helping our region grow into a healthier, more resilient place for future generations.”

Member for Gosford Liesl Tesch said:

“I’ve been fiercely advocating for further investment in greening across the Gosford electorate and I am thrilled to say that the Minns Labor Government is delivering $600,000 to tackle urban heat across the Peninsula.

“This is fantastic for our community and will make a real difference in shaping the liveability of our community into the future.

“This is the kind of investment that makes the Peninsula a better place to live, not just for the residents of today but for the families who will call this community home for generations to come.”

Investing in suburban Rail Loop East for a more productive and better-connected Melbourne

The Albanese Government continues to invest in Victoria’s future with a new investment of $3.8 billion towards the transformational Suburban Rail Loop (SRL) East project.

Delivered as part of the 2026 Federal Budget, this investment brings the total Albanese Government spend for the project to $6 billion.

SRL East will deliver a 26-kilometre underground orbital rail line through Melbourne’s eastern and south-eastern suburbs.

It will create interchanges with four of Melbourne’s established radial rail lines at Cheltenham, Glen Waverley, Box Hill and Clayton, while connecting rail lines in four directions, including regional V/Line services on the Gippsland Line.

The project will support economic productivity by improving public transport connectivity between major employment, education and health precincts including Monash, Box Hill, Clayton and Burwood.

Businesses in Melbourne’s eastern and south-eastern middle corridor will benefit from more visitors coming by public transport and by having their staff able to cross suburbs quicker and more easily.

Precincts to be connected by SRL East will support the delivery of 70,000 additional homes and more housing choice, as well as reducing urban sprawl.

The project will support 3,000 jobs through construction, and will create up to 8,000 local jobs in the long term.

This latest investment builds on the Albanese Government’s previous $2.2 billion toward land acquisition and early works for the project.

Tunnelling for the project will commence by the end of this year, with Tunnel Boring Machines currently being assembled on site. This project is expected to be completed in 2035.

Anthony Albanese

“This project is a game changer for the city of Melbourne and the state of Victoria.

“Ensuring Victorians can get into Greater Melbourne and across suburbs, rather than having to go into the CBD then back out, helps speed up travel times, get cars off the road and increases opportunities for businesses in Melbourne’s east.

“My Government is proud to partner with the Allan Government in delivering a better future for commuters across Victoria.”

Premier of Victoria Jacinta Allan

“In the Albanese Labor Government we have a partner in Canberra who gets what our growing state needs.

“The Suburban Rail Loop will slash travel times and cut congestion for busy families.”

Minister for Infrastructure, Transport, Regional Development and Local Government Catherine King

“This investment by the Albanese Government in nationally significant infrastructure such as SRL boosts productivity and accessibility for Victoria. This is why we are getting on with delivering vital projects such as SRL East, Melbourne Airport Rail and the North East Link.

“SRL East will better integrate different transport modes, delivering a seamless and future-ready transit network for the fastest-growing areas of Melbourne.”

Victorian Minister for the Suburban Rail Loop Nick Staikos

“By the 2050s, Melbourne will be the size of London – Melbourne needs an orbital rail connection that will cater for this growth and better connect people to jobs, education and healthcare.

“Only Labor will deliver the Suburban Rail Loop. Jess Wilson’s Liberals will cut it – sacking thousands of workers and leaving tunnel boring machines sunk in the ground.”

Further two teens charged after man allegedly knocked out on bus – Belmont

A further two teenage boys have been charged after a man was left seriously injured following an alleged assault on a bus in the Hunter last weekend.

Just after midday on Sunday 3 May 2026, emergency services were called to the Pacific Highway, Belmont, following reports of an assault on a bus.

Officers attached to Lake Macquarie Police District and Police Transport Command attended and were told a group of people entered the bus, before an argument ensued with a 49-year-old man.

As the group was getting off the bus, they allegedly repeatedly assaulted the man, knocking him unconscious.

The man was treated by NSW Ambulance paramedics for head and facial injuries before being taken to John Hunter Hospital for further treatment. The man has since been from hospital.

A short time later, nine youths were located and arrested at a fast-food restaurant in Belmont.

Following inquiries, seven were released pending further investigation.

Two boys – aged 16 – were charged and remain before the courts.

Following further investigations, another two 16-year-old boys were arrested at Toronto and Belmont Police stations, where they were each charged with assault occasioning actual bodily harm in company.

They are due to reappear separately before a childrens court on Monday 18 May 2026 and Monday 15 June 2026.

A 12-year-old boy was also dealt with under the Young Offenders Act.

Investigations are ongoing.

GAS RESERVE WILL PROLONG THE GREAT AUSTRALIAN RIP OFF: GREENS

Labor’s adoption of the Australian Energy Producers-supported gas reservation policy as Australian government policy is yet another capitulation to the gas lobby.

National momentum for a 25% tax on gas exports is surging, with rallies planned around the country this Friday to tax gas not beer.

Evidence presented to the select committee investigating a 25% gas export tax, including evidence from the Department of Treasury, comprehensively refuted the gas lobby’s claim that an export tax would threaten trade relationships.

Greens chair of the Gas Select Committee, Senator Steph Hodgins-May

“This policy was written to protect gas corporate profits and Labor has just adopted it as government policy. It will raise no revenue and prolong the great Australian rip off,” said Senator Steph Hodgins-May on Thursday.

“The gas corporations get to keep their obscene wartime profits while Australians will see services like the NDIS slashed in the budget when the government cries poor.

“Announcing this policy just before the gas export tax committee report is released, as if people aren’t smart enough to know a distraction tactic when they see one, proves Labor is running a protection racket for gas corporations.

“The campaign for a 25% tax on gas exports is just getting started, as support for this policy continues to grow. More than 60% of Australians support a tax on gas exports. The Prime Minister’s prevarication has nothing to do with protecting trade relationships and everything to do with protecting his fossil fuel donors’ profit margins.

“While Australians are getting smashed by interest rate rises and cuts to services in the budget, the Albanese government has made it clear that their priority is protecting corporate profits, not people. And they’ll have to explain that decision next week.

Labor’s fuel crisis budget will pick a side: ordinary people or corporate profits

As the illegal war in the Middle East fuels inflation and economic inequality, Labor’s budget must choose a side: deliver for people, or deliver for corporate profits and the wealthiest few.

This budget represents a tipping point for Labor. In the UK and the USA, we’ve seen what happens when people’s trust in Parliament is eroded by successive decisions that prioritise the profits of big corporations and the wealth of the 1% over the urgent needs of ordinary people.

Labor’s decision to cut the NDIS, the largest cut to a government program this century, while continually refusing to tax the profits of gas corporations who are anticipating eye-watering profits in this fuel crisis, undermines the government’s narrative that they are looking to tackle inequality in this budget.

A 25% tax on gas exports would raise $17bn, and would also have the deflationary impact of incentivising the domestic sale of gas and pushing domestic gas prices down, rather than exporting it offshore and incurring the export levy.

The Greens have called for reform to the tax breaks for wealthy property investors in successive parliaments. Reforming negative gearing and the CGT discount was a Greens demand during the 2023 debate over Labor’s HAFF Bill. Former Greens Leader Adam Bandt delivered two NPC addresses on the topic, first in 2023 and again during the 2025 election campaign. In this parliament, Senator Nick McKim led a Senate inquiry that found the capital gains discount skews home ownership towards investors. This is a critical piece of reform and the test will be whether Labor’s plans are enough to stop the housing crisis getting worse.

The Greens are calling on Labor to:

Stop the NDIS cuts
Tax the exports of gas corporations, and reinvest the $17 billion in cost of living support we all need
Rein in the massive tax handouts for wealthy property investors
Stop the billions of dollars going to AUKUS for submarines that Australia may never receive
Dedicate new money to electrification, with a focus on renters and people who live in apartments

Senator Larissa Waters, Leader of the Australian Greens:

“This budget will determine this Labor government’s legacy: will they continue to deliver for the corporations driving inflation and ripping us all off?

“Will they continue to let gas exporters and big corporations pay no tax, to funnel billions into defence, while cutting services for disabled people, hurting renters and abandoning people who need it most?

“If the government works with the Greens to tax corporations making obscene windfall profits, and then invests in the things we all need to live a good life, it will show millions of people that Parliament can improve their lives.

“But if Labor continues their moral failure of kicking people off the NDIS to balance the budget, saying there’s no money for essential services while committing $53 billion for war and weapons to appease Trump, it will just fuel people’s anger at a system that doesn’t work for them.

“This will be the defining budget of Anthony Albanese and Jim Chalmer’s careers. The moment calls for courage, not cowardice, and for Labor to stand up to their corporate donors.

“The Greens would work with Labor to tax the corporations making obscene windfall profits and use that money to pay for the things we all need to live a good life.”

Senator Nick McKim, Greens spokesperson for Economic Justice:

“The Greens have consistently called for property investor tax breaks to be reined in, and Labor now has a once in a generation opportunity for genuine progressive tax reform.”

“Labor should have reformed negative gearing and the CGT discount years ago, but thanks to their refusal to listen to sense, we’ve seen runaway house prices continue during both terms of the Albanese government.

“Everyday people are not responsible for the war, but Labor supported it, and now people are footing the bill with higher prices and successive interest rate rises.

“The 1% aren’t paying more because they don’t have mortgages, but they are certainly enjoying the extra interest on their investments.”

Senator Barbara Pocock, Greens spokesperson for Finance, Housing & Homelessness:

“Renters and mortgage holders are on the front line to fight inflation while Labor delivers massive profits to the banks,” said Senator Pocock.

“People know when the system is working for the 1% and big corporations and not for the rest of us.

“For decades the major banks have made enormous profits price-gouging on people’s mortgages, contributing to the pain of inflation. Labor needs to tax the banks, not hardworking people.

“Labor needs to deliver bold, ambitious tax reform that puts home buyers and renters first. It must do away with tax incentives for those who need it least and build more public housing.”

Inquiry calls for gas tax review after Middle East conflict

The Greens-led Select Committee into the taxation of Australia’s gas resources has tabled its final report, agreeing that the gas export tax regime should be revisited in light of recent global instability following conflict in the Middle East.

However, the committee did not reach agreement on whether changes to the current regime are required, including the proposed introduction of a 25 per cent export tax. Any such recommendation required the support of Labor or Liberal members to be included in the final report.

As a result, the report does not include a majority position on reform to the gas tax system.

Despite this, evidence to the inquiry directly contradicts claims from the gas industry and the Prime Minister that an export tax would increase prices for overseas buyers. Submissions and testimony from Treasury, economists, and gas companies themselves indicate that the cost of such a tax would largely be borne by Australian producers rather than overseas customers, given the structure of long-term contracts and global pricing arrangements.

The committee report omits these key findings as well as any detail of evidence provided by witnesses and submissions. This material has instead been set out in the Chair’s additional comments, which highlight the significant body of expert and community evidence supporting a minimum 25 per cent export tax.

The report is tabled just days ahead of the May Budget.

Chair of the select committee, Senator Steph Hodgins-May:

“This inquiry shows Labor knows this issue isn’t going away, but still refuses to address the problem that Australians are not getting a fair share of our resources.

“Labor is desperate to kick the can down the road, but the massive national momentum for a gas tax is clearly making them nervous.

“Labor has a choice in this budget: tax the gas corporations to pay for things we all rely on like the NDIS, or forge ahead with brutal cuts while the gas corporations get Australian gas for free and make obscene war time profits.

“If Labor fails to tax the gas corporations in this budget, it will be clear who they’re really working for.

“Labor clearly knows something needs to change, but they’re not brave enough to do it now, and not in a way that challenges gas company profits.

“The cowards in Labor will not even agree that we need a way to get our fair share back from these gas companies. That tells you everything about the grip the gas lobby has over this government.

“The Prime Minister is out of step with his own backbench, Labor’s own members, he is out of step with the public, and repeating arguments that come straight from the gas industry playbook.

“Pointing to conflict overseas is a convenient excuse to delay action while billions in gas profits continue to flow offshore, but we heard from Treasury, economists and even gas companies: the cost of an export tax would come out of gas company profits, not from our trading partners.

“The experience in high-taxing jurisdictions like Norway is not that gas companies and trading partners flee. Those companies stay, but the public actually gets a fair share for their resources.

“The Prime Minister is echoing the gas industry’s scare campaign on trade and stability, despite the evidence saying otherwise.

“Gas companies talk about protecting investment but what they mean is protecting their profits. A gas export tax would do exactly what they fear, cut into those profits and deliver a fair return to the public.

“While households and businesses are under huge pressure, gas companies and their U.S shareholders are laughing all the way to the bank and cashing in on free gas that should be owned by all Australians.

“The longer this government delays, the longer Australians miss out. Australians expect and deserve a fair return and this fight is far from over.”

Links:

Australian Greens Additional Comments

Committee report

Excerpts from Hansard and answers to Questions on Notice:

Dr Ken Henry: overwhelmingly the incidence falls on those who are the shareholders, really, of multinational companies. That’s where the incidence would fall. Australia is a major gas exporter but is not a big influencer of the world price of gas.

Origin Energy: In general, we would have to absorb those costs, and our customers, both domestic customers and international customers, purchase the gas under long-term arrangements

INPEX: INPEX’s long-term LNG sale and purchase agreements do not allow us to renegotiate due to a tax or royalty change.

Treasury: I think a lot of the exports are underpinned by either long term contracts where prices are relatively well established or spot sales to markets where essentially it’s a global market price which has been set so both of those factors would seem to suggest that the economic burden of any tax change would be more likely to fall on the producers.