Middle East conflict pushes up profits, Australia launches review of natural gas taxation.

On March 31, Sina Finance reported that as one of the world's top liquefied natural gas exporters, Australia will launch an investigation into the tax policies of oil and gas companies such as Chevron, Woodside Energy Group, and Santos. The conflict in Iran has pushed up energy prices, bringing windfall profits to energy producers. The Australian Senate on Monday approved the establishment of a special committee to review the tax policies of the oil and gas industry, with support from ruling Labor Party senators for the motion proposed by the Greens. The committee will be led by Green Party Senator Sarah Hanson-Young. Last week, she called for a tax of at least 25% on natural gas exports, estimating that the proposal could bring in around 17 billion Australian dollars in annual revenue. As the Middle East conflict drives global energy prices up and large energy companies see a sharp increase in profits, the debate in Australia over whether to increase resource export taxes is intensifying. Some politicians, unions, and advocacy groups are calling for higher tax rates, including the imposition of windfall profits taxes, arguing that exporting companies are benefiting from the surge in wartime prices.