In a recent address to the Chamber of Minerals and Energy of Western Australia, Prime Minister Anthony Albanese announced that the upcoming federal budget will not include a new tax on existing gas export contracts. This decision comes amid pressure from advocates for a 25% export tax, who argue that the current petroleum resource rent tax (PRRT) is ineffective in generating sufficient revenue from gas producers. Albanese criticized these calls as 'populist,' warning that such a tax could jeopardize Australia's relationships with key Asian trading partners during a global fuel crisis. He emphasized the critical role of gas exports in ensuring fuel security and highlighted the importance of maintaining investments in the sector. The PRRT was adjusted in 2023 to enhance revenue generation, and Albanese defended its design as essential for supporting both domestic and international gas supply.