---
title: Gas windfall profits tax could raise upwards of $20 billion
description: The Australia Institute has calculated that gas price rises boosted profits on Australian exports by between $26 to $40 billion, and argues that 100 per cent of the extra profits should be taxed.
---
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# Gas windfall profits tax could raise upwards of $20 billion
Wednesday, 19 October 2022
Following allegations of "defeat devices" installed in its diesel vehicles, Toyota has said it "stands by its reporting, monitoring and evaluation standards in relation to the emissions for all its vehicles".
Meanwhile, high profile Fremantle Dockers fans, including Tim Winton and former Western Australian premier Carmen Lawrence, have called on the club to end its partnership with fossil fuel giant Woodside Energy.
Plus, a new report by the Australia Institute think tank has calculated gas price rises, arguing at least $20 billion could be raised through windfall profits tax on Australia's gas industry - with around two-thirds of voters supporting such a move.
[Toyota will square off in court to defend its reputation on its diesel engine emission](https://www.canberratimes.com.au/story/7947234/toyota-to-vigorously-fight-diesel-emission-tamper-claim/)
Toyota Australia has said it would "vigorously defend" the class action launched against it in the Supreme Court of Victoria over so-called "defeat devices" installed in its diesel vehicles.
[High profile Fremantle Dockers fans urge club to drop Woodside Energy sponsorship over climate concerns](https://www.theguardian.com/sport/2022/oct/19/high-profile-fremantle-dockers-fans-urge-club-to-drop-woodside-energy-sponsorship-over-climate-concerns)
In a letter to the club’s president, Dale Alcock, and other board members, the group wrote it “it is no longer appropriate to have a fossil fuel company as our major sponsor moving forward”.
[Gas windfall profits tax could raise upwards of $20 billion, argues Australia Institute](https://www.abc.net.au/news/2022-10-19/gas-windfall-profits-tax-could-raise-upwards-of-20-billion/101547950)
The Australia Institute think tank has calculated that gas price rises, mainly linked to the war in Ukraine, boosted profits on Australian exports by between $26 to $40 billion, and argues that 100 per cent of the extra profits should be taxed.
[Anthony Albanese signs Green Economy Agreement with Singaporean counterpart](https://www.news.com.au/technology/environment/sustainability/anthony-albanese-signs-green-economy-agreement-with-singaporean-counterpart/news-story/2a38999e20e3ffcd4c5417632a83c89f?btr=2c6cdb236b967858c07d2f0d9a556328)
A bilateral agreement between Australia and Singapore set to guide each country’s transition to net-zero carbon emissions has been hailed as the first of its kind.
[Leave your corporate egos at the door, John Pollaers tells AGL Energy](https://www.adelaidenow.com.au/business/leave-your-corporate-egos-at-the-door-john-pollaers-tells-agl-energy/news-story/66ed5358081d0ff9a3e1e35dc3582517?btr=ef17d45b5ee005603b948b1fee2113bd)
AGL Energy has suffered from a conservative outlook and a fear of reinventing its strategy – and requires a complete overhaul, says John Pollaers, the businessman rejected by the company for a position on its board.
[There’s about to be a big boom in carbon capture projects](https://www.msn.com/en-nz/news/techandscience/theres-about-to-be-a-big-boom-in-carbon-capture-projects/ar-AA136H0X)
Across the globe, the capacity to capture and store planet-heating carbon dioxide has grown by 44 percent over the past 12 months, according to a new report from think tank Global CCS Institute, which advocates for carbon capture and storage (CCS).
[Susy Thomas: WA has key role to play in meeting emission reduction targets](https://thewest.com.au/opinion/susy-thomas-wa-has-key-role-to-play-in-meeting-emission-reduction-targets-c-8537701?utm_source=csp&utm_medium=portal&utm_campaign=Meltwater&token=t1GIwT2F0lZ5ALOql2K4MQVakorDGi2UKDYLwlzH0uYjmVFa9TUUdPJUJDI4D4qPcsbj4XHEgMy%2FKz0gNlCt0w%3D%3D)
Rev James Bhagwan, the General Secretary of the Pacific Conference of Churches, said "WA has a key role to play here. While we have made important steps in the move away from coal in WA we can’t keep approving new fossil gas projects in this State, like the proposed Scarborough and Browse gas fields, if we are going to do our fair share towards emission reduction targets."
[As energy costs grow so do the flow-on affects to the elderly and low-income Australians](https://www.canberratimes.com.au/story/7947162/australias-energy-emergency-whats-driving-rising-costs/)
In bad news for your hip pocket, the rising cost of energy looks set to get worse "well before it gets better". Financial analyst and Climate Energy Finance director Tim Buckley has forecast wholesale electricity prices to drop to around $70 - in eight years time.
[gas](https://blog.greenpeace.org.au/the-canopy/tag/gas), [AGL](https://blog.greenpeace.org.au/the-canopy/tag/agl), [climate change](https://blog.greenpeace.org.au/the-canopy/tag/climate-change), [Electric vehicles](https://blog.greenpeace.org.au/the-canopy/tag/electric-vehicles), [Woodside](https://blog.greenpeace.org.au/the-canopy/tag/woodside)
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