Greens call for 25% gas export tax
Krishani Dhanji
The Greens are calling for all gas exports to be taxed 25% and domestic gas supply to be prioritised as the country faces a future gas shortfall by 2028.
The minor party – who just secured a deal with the government on the EPBC nature law reforms – say they will not support any new gas fields. There is more than enough uncontracted gas being exported overseas, they say, to meet any future shortfalls.
Photograph: Greg Wood/AFP/Getty Images
The 25% tax would replace the petroleum resource rent tax which the Greens say has failed to collect “meaningful” revenue from gas exporters due to “massive loopholes”.
Greens senator Steph Hodgins-May says gas corporations have created a “crisis” that Australian households have had to pay for.
Government and industry lies are quickly unravelling. We don’t have a gas shortage, we have a gas export problem.
If Labor brings forward an option that incentivises new gas and hands more rewards to the corporations that have been ripping off Australians, they won’t have the support of the Greens.
Updated at 15.42 EST
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Home price rises outpacing benefits of interest rate cuts
Surging home prices have wiped away the benefits of three interest rate cuts to new buyers, new data reveals.
AAP reports across Australia, home values grew by 1% in November with the median dwelling now worth $888,941, property analytics firm Cotality reported on Monday.
That follows a blistering result in October, when prices rose at 1.1% rise, and 0.8% in September. On a monthly basis, growth in Sydney slowed from 0.7% to 0.5%, while Melbourne fell from 0.9% in October to 0.3% in November.
An auctioneer holds a gavel during an auction of a property in Sydney. Photograph: Bloomberg/Getty Images
Meanwhile, the mid-sized capitals picked up. Brisbane became the second Australian city to break the $1m median home price barrier.
Already, the impact of 75 basis points of cash rate cuts since February are wearing out. Cotality research director Tim Lawless calculated the cuts increased the borrowing capacity of a median income household by $55,000, but home values have since risen by $60,000.
For renters, the outlook continues to be one of worsening affordability. Rents are rising across every capital city, with the national rental index 5% higher over the past 12 months – the highest annual rate of growth in a year.
ShareGreens call for 25% gas export taxKrishani Dhanji
The Greens are calling for all gas exports to be taxed 25% and domestic gas supply to be prioritised as the country faces a future gas shortfall by 2028.
The minor party – who just secured a deal with the government on the EPBC nature law reforms – say they will not support any new gas fields. There is more than enough uncontracted gas being exported overseas, they say, to meet any future shortfalls.
Photograph: Greg Wood/AFP/Getty Images
The 25% tax would replace the petroleum resource rent tax which the Greens say has failed to collect “meaningful” revenue from gas exporters due to “massive loopholes”.
Greens senator Steph Hodgins-May says gas corporations have created a “crisis” that Australian households have had to pay for.
Government and industry lies are quickly unravelling. We don’t have a gas shortage, we have a gas export problem.
If Labor brings forward an option that incentivises new gas and hands more rewards to the corporations that have been ripping off Australians, they won’t have the support of the Greens.
Updated at 15.42 EST
Good morning
Good morning, and happy December. Another month down, another season begins. Nick Visser here to get you started on the blog this morning – here’s what’s on deck.
The Greens are calling for all gas exports to face a 25% tax, with a new prioritisation on domestic gas supply. The party, which recently secured a deal with the Labor government on new federal nature law reforms, says it will not support any new gas fields.
Surging home prices have wiped out the benefit of three interest rate cuts to new buyers, according to recent data. Across Australia, the median dwelling is now worth nearly $889,000.
The government is encouraging businesses, creators and AI developers to label AI generated or modified content. Tim Ayres, the minister for industry and innovation, said the strategy would see the “benefits from innovation without sacrificing trust”.
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