Story perspectives

Australia Imposes Gas Levy to Raise Profit Share to 50%

3/24/2026

Summary

Story summary

Australian Prime Minister Anthony Albanese's government would levy gas producers' high profits to curb excessive gains from international prices.
The levy would be modeled after Norway's system and would raise Australia's profit share from 27% to nearly 50%.
The measure could provide immediate relief to households and could raise about $1.6 billion since the Iran crisis began.
Gas industry critics warn the levy may raise prices and deter investment.

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Story summary

Australian Prime Minister Anthony Albanese's government would levy gas producers' high profits to curb excessive gains from international prices.
The levy would be modeled after Norway's system and would raise Australia's profit share from 27% to nearly 50%.
The measure could provide immediate relief to households and could raise about $1.6 billion since the Iran crisis began.
Gas industry critics warn the levy may raise prices and deter investment.