Andrew Hastie open to 25% tax on gas profits and says multinationals have ‘had a really good run’ on Australian wealth

<p><strong>Exclusive</strong>: Speaking with the Australian Politics podcast, the Liberal frontbencher says a sovereign wealth fund would set Australians up for generations to come</p><ul><li><p><a href="https://www.theguardian.com/australia-news/live/2026/mar/26/australia-politics-live-penny-wong-iran-united-nations-war-fuel-crisis-cost-of-living-parliament-question-time-anthony-albanese-angus-taylor-ntwnfb">Follow our Australia news live blog for latest updates</a></p></li><li><p>Get our <a href="https://www.theguardian.com/email-newsletters?CMP=cvau_sfl">breaking news email</a>, <a href="https://app.adjust.com/w4u7jx3">free app</a> or <a href="https://www.theguardian.com/australia-news/series/full-story?CMP=cvau_sfl">daily news podcast</a></p></li></ul><p>Liberal frontbencher Andrew Hastie says he is open to a new 25% tax on soaring gas profits as part of a Scandinavian-style sovereign wealth fund to strengthen the federal budget amid the global energy crisis.</p><p>Budget leaks suggest the Albanese government is modelling the effects of placing a flat 25% tax on gas profits, as well as possible further changes to the <a href="https://www.theguardian.com/australia-news/2025/oct/25/mining-giants-must-pay-rent-tax-critical-minerals-cash-boom">petroleum resource rent tax</a> (PRRT) and corporate income tax.</p> <a href="https://www.theguardian.com/australia-news/2026/mar/26/andrew-hastie-open-to-25-tax-on-gas-profits-and-says-multinationals-have-had-a-really-good-run-on-australian-wealth">Continue reading...</a>