Introduction

Australia is facing its biggest energy crisis in 50 years. Prices are high globally because European countries are looking for non-Russian sources of gas due to the Kremlin's invasion of Ukraine. Australian gas companies are taking in record profits as prices soar. Businesses and unions both want the government to be tougher on Australian gas producers. New Australia Institute research looks at exactly how profitable the war in Ukraine has been for gas companies. It examines the idea of implementing a windfall profits tax to compensate Australian households and businesses unfairly impacted by spiraling energy costs. To explain this idea, I'm joined by Richard Dennis, Executive Director at the Australian Institute.