Australia news live: resources minister defends gas companies as push for new tax falters; Asic issues warnings to four ‘finfluencers’

Australian Independent MP Calls for 25% Tax on Gas Exports to Boost National Revenue In a bold move, Independent MP Allegra Spender is pushing for a 25% tax on gas exports to address what she describes as a "faulty" taxation system that is depriving Australia of significant revenue. Spender argues that the gas industry, which is highly profitable and already pays income tax, should also be required to pay a tax on the sale of Australia's extracted gas resources. With the country currently enjoying its status as a major energy exporter, Spender believes it is reasonable for Australians to receive a fair return on their natural resources, rather than seeing them sold abroad with minimal benefit to the nation. The proposal has sparked renewed debate about the country's taxation arrangements and the need for reform.

Follow today’s news liveGet our breaking news email, free app or daily news podcastAllegra Spender says 25% gas export tax would help fix ‘faulty’ systemIndependent MP Allegra Spender said a 25% tax on gas exports would help rectify what she sees as “faulty” taxation arrangements that have seen an Australian resource sent overseas with minimal benefit to the country.The gas industry is a very profitable industry and pays income tax. And every company in Australia, frankly, should pay income tax on its profits and should pay the proper rate. But the gas companies are different because they also sell an Australian resource which they extract, which we can’t get back once it is sold.I think Australians rightly believe they should share more of that revenue.We’re back here again and they should fix it.We are lucky to be an energy exporter at a time where the world needs energy. We are a great partner in this. But it is a reasonable thing for Australians to get a fair return on that. And, at the moment, we just aren’t.We can’t and I think we need to be really honest about that. If there’s going to be changes to the NDIS – and I’m not a state leader who’s knocking the federal government’s right and probably responsibility to reform the NDIS, it’s cost too much money – but we have to be really frank with people.We can’t offer at the state level the kinds of services that are being rolled out at the NDIS. Continue reading...