Andrew Hastie open to 25% tax on gas profits and says multinationals have ‘had a really good run’ on Australian wealth

ByArchie Watson

Mar 25, 2026

Exclusive: Speaking with the Australian Politics podcast, the Liberal frontbencher says a sovereign wealth fund would set Australians up for generations to come

Liberal frontbencher Andrew Hastie says he is open to a new 25% tax on soaring gas profits as part of a Scandinavian-style sovereign wealth fund to strengthen the federal budget amid the global energy crisis.

Budget leaks suggest the Albanese government is modelling the effects of placing a flat 25% tax on gas profits, as well as possible further changes to the petroleum resource rent tax (PRRT) and corporate income tax.

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Andrew Hastie open to 25% tax on gas profits and says multinationals have ‘had a really good run’ on Australian wealth

ByArchie Watson

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