Monique Ryan (Kooyong, Independent) Share this | Link to this | Hansard source

My question is for the Treasurer. Treasurer, when Russia invaded Ukraine in 2022, Woodside doubled its profits. The PRRT fails to capture windfall profits from conflicts like those in Ukraine and Iran. In a cost-of-living crisis, will you impose a windfall tax on the excess profits of oil and gas companies so that Australians can feel confident that we will receive a fair return on our finite national resources?

Jim Chalmers (Rankin, Australian Labor Party, Treasurer) Share this | Link to this | Hansard source

I thank the honourable member for her question. I do know and acknowledge that there are a range of views about the sorts of issues that the honourable member has raised. For our part, in this government, we've already made some changes to the PRRT which will ensure that Australians collect more tax sooner from the export of offshore gas. We made those changes because we know that there's an expectation in the Australian community that companies who pay the PRRT need to pay their fair share of tax. The changes that we made mean extra billions of dollars sooner to help fund the government's priorities, including in areas like Medicare and housing and all of the important objectives that the honourable member for Kooyong and the government share.

Those are the steps that we have taken. We've taken those steps. That's not often acknowledged when people call for more to be done. We acknowledge and respect those calls to do more, but we've already acted in a fairly substantial way.