Australia may put a cap on gas prices but won’t impose a mining tax.

Australia may put a cap on gas prices but won't impose a mining tax.

On Friday, Australian Prime Minister Anthony Albanese said his government would investigate all options, including a price ceiling on gas, to reduce soaring energy costs, but would not impose a tax on the mining industry. The budget proposed by the Albanese-led Labor government last month projected that residential gas and electricity rates would increase by 20% to 30% annually for the next two years, in part because of Russia’s involvement in Ukraine.

The budget proposed by the Labor government led by Albanese last month predicted that residential gas and electricity rates would increase by 20% to 30% annually for the next two years, in part because of Russia’s war in Ukraine. Albanese said on Friday that he is “looking at” putting a ceiling on petrol prices, according to radio station 2GB.

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Albanese’s remarks follow MidOcean Energy’s A$18.4 billion ($12.2 billion) takeover deal for Origin Energy the previous day, which ignored industry concerns.

fresh supply investment would be stymied by government interference in the market. Albanese said the government had no intentions to impose any additional tax on “exceptional gains” achieved by the energy companies despite skyrocketing energy costs that had resulted in windfall profits for coal miners and gas producers.

He replied, “I’m not exactly sure what a mining tax is, save from a catchphrase.” Albanese has assured the public that his government will not intervene in supply in any way.

“We have supply agreements with foreign countries. And we have no intention of disrupting any of that. That narrows the potential outcomes, “His words. Raise money to help families dealing with rising energy costs.

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the EU and UK have imposed

revenue sharing for the public good A windfall tax on oil and gas company profits. Joe Biden, the Vice President of the United States, has threatened to implement one, however doing so would

doubtful to get approved by the US Congress.

After the conservative coalition government in Australia abolished a statute that had taxed iron ore and coal mine earnings at a rate of 30% in 2014, which had been passed in 2012 with strong support from the Labor government. (One dollar equals about $1.5110)

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