Santos CEO slams proposed 25% gas tax as an ‘act of self-harm’
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The news: Santos chief executive Kevin Gallagher has described a Greens-led push for a 25% tax on Australian gas is “an act of self-harm”, insisting the industry should not be taxed more than it currently is.
The context: Speaking at the Macquarie conference in Sydney, Gallagher told attendees that the Greens-led Senate inquiry into gas exports, with findings due 7 May, was instigated by “misinformed or ideologically motivated individuals”.
He said that “there’s no drive to tax the industry for the benefit of the Australian people, the drive was to tax the industry, to shut it down. It’s an activist-driven agenda. Common sense has failed”.
When asked whether the levy change would be included in the upcoming budget, he said it would “be an act of self-harm”, further highlighting the need for a stable and reliable investment environment in Australia.
Gallagher also highlighted the critical need for maintaining business and investor confidence in domestic gas, urging Australia to rebuild its reputation as a reliable energy supplier through stable policy.
What they said: “There is no major resource project in Australia that has ever been developed with Australian money. It’s never happened,” Gallagher said.
“It’s always Japanese, Korean, US or European money funding these projects. We mustn’t underestimate the importance of providing a reliable and stable investment environment for these folks to invest in,” he said.
“The world is understanding the need for fossil fuels, it is understanding the world is built on fossil fuels. That can’t change anytime soon, so Net Zero doesn’t exist without a focus on decarbonising fossil fuels, and it certainly doesn’t exist without fossil fuels, and particularly gas,” he said.
“I think gas is going to be a big winner in all of this”.
The source: Macquarie Australia Conference
