Tony Zappia (Makin, Australian Labor Party) Share this | Link to this | Hansard source

While people throughout the world struggle with high fuel and gas prices, global energy companies are making record profits. According to one report, the combined profits of the largest global energy companies in the first quarter of this year were close to US$100 billion. These profits ultimately come out of the pockets of people struggling to put food on the table or heat their homes in the midst of freezing winters. The situation is the same here in Australia, with the largest oil and gas companies making windfall profits and paying executives obscene salaries while paying minimal tax.

It is not acceptable that the world's largest LNG exporter, Australia, does not have sufficient gas supplies at affordable prices for domestic use, and the pathetic excuses from the industry sector simply don't pass the pub test. Australians find it farcical that, with the exception of Western Australia, where the price is around $6 per gigajoule, compared with around $26 for the rest of the country, we pay some of the highest prices in the world. Australians expect the government to hold energy companies to account, and it will be in the national interest for the government to take whatever action is necessary to ensure fair prices for all Australians for our natural resources.