Yes, Labor is desperate to protect the gas industries profit margins. Forcing a stop to offshoring profits and this PeopleFirst proposal for gas industry taxation are the solution.
We also need to stop taxpayers from getting slugged for unquantifiable perks to foreign investors and the use of taxpayer money to underwrite the risks of private industry.
Support the Peopleβs Piggy Bank
Albaneseβs βTreasury Laws Amendment Bill 2026: Strengthening the foreign resident CGT regimeβ will make taxpayers pick up the bill for foreign investors disposing of renewable energy infrastructure assets. Budget Papers stated that:
β[it is] estimated to decrease receipts by AUD 425 million over five years from 2025β26 and was accounted for in a prior Budget processβ (Budget 2026-27, p15).
The draft version of the bill also shows that the scope of Taxable Australian Real Property (TARP) has been expanded to specifically include water entitlements (and related water rights) as well as options or rights to acquire such TARP assets.
A hint that the potential cost to the taxpayer might be substantial is the requirement that:
βforeign residents disposing of shares and other [TARP related] membership interests exceeding $50 million in value to notify the ATO, prior to the transaction being executed.β
The amount of foreign investment in Australiaβs TARP is not small. At the end of 2025, foreign economies had a total gross foreign investment liability in Australia of approximately A$5.12 trillion (A$5,116.3 billion).
Australian taxpayers are also funding the Capacity Investment Scheme (CIS), an Australian Government revenue underwriting scheme to accelerate investment in renewable (wind and solar) energy generation and dispatchable (battery) capacity.
Under the CIS, if the actual revenue earned by a project is below the agreed revenue floor, the Australian government (taxpayer) will pay the project operator 90 per cent of the revenue shortfall up to the agreed annual cap for 15 yrs.
The Labor government classifies the costs of the CIS as a contingent liability (alongside the Snowy 2.0 hydro electric scheme, which has already blown out in costs by billions) and states that:
"The Australian government's maximum liability and estimated payments under these (CIS) agreements are not for publication due to commercial sensitivities". (Budget Paper No. 1)
Also included in the budgetβs βcontingent liabilitiesβ is the cost of the administration of Australiaβs commercial energy market. Here again, we see that the taxpayer underwrites the profitability of privately owned power generation.
The Labor government will grant βwhatever it takesβ subsidies to ensure βrenewableβ energy is a part of the energy grid, no matter the cost to the taxpayer.
What hubris allows the Australian government to commit the Australian taxpayer to unquantifiable perks to foreign investors and risk taxpayer money to underwrite the risks of private industry?
The Australian taxpayer deserves a guaranteed share of oil & gas profits with ZERO exploration risk.
http://Peoplefirstparty.auis up for the fight.
x.com/RennickGBR/status/2059β¦