Gas giants were given ample notice of a mandatory code of conduct governing contract negotiations, and were lucky not to have been hit with a super profits tax, the Albanese government said, asover the proposal, which would empower the consumer watchdog to permanently ensure that domestic gas was sold at a “reasonable price”, Anthony Albanese and Treasurer Jim Chalmers said the industry had been consulted on the change, and would have further input on the detail to ensure they still made decent...
A senior government source said the plan arrived at by the government was “the softest intervention ever” and the other option was a super profits tax for which there would have been considerable political support. Parliament will meet on Thursday to push through legislation to cap the price of uncontracted gas at $12 per gigajoule for a year, and to legislate the framework of the mandatory code of conduct. The details will be enacted by regulation in February after industry consultation.
The Greens are threatening to thwart the price cap legislation during Thursday’s special one-day sitting if there is any compensation for coal producers left out of pocket by the $125-per-tonne cap to be imposed on thermal black coal.
Super profit tax across all industries would be better than a knee jerk policy
the export price on their contract is much lower than what local users pay They want domestic users to pay 3x more than their export price They r not paying tax They r just greedy multinational wild cowboys
The government made “Fossil” fuel expensive so they couldn’t help but make high profits!!!!! Supply and demand
Albanian ?
Code of conduct? 'Not everybody agreed with the strategy to remove price controls. [..] You see, the price mechanism is the way that prices are communicated between buyers and sellers in a market economy. When demand is high, prices will rise, and producers will increase output.'
but unlucky to get a marxist govt
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Source: FinancialReview - 🏆 2. / 90 Read more »