Ken Henry, former Treasury Secretary of Australia, has called for a 100% windfall profits tax on gas companies, advocating that the Albanese government should disregard claims from the industry regarding investment risks. In his submission to a parliamentary inquiry, Henry emphasized that the benefits of such a tax would outweigh the criticisms from multinational corporations. He highlighted the significant windfall gains experienced by gas companies following the surge in global prices due to external factors like the 2022 Russian invasion of Ukraine. Henry suggested that the revenue could be used for a sovereign wealth fund and environmental restoration efforts. The federal government is under increasing pressure to introduce a 25% tax on gas exports, which could potentially raise $17 billion annually. However, industry leaders, including major oil and gas companies, have warned that such tax changes could render new projects unviable, threatening future investment. The inquiry is set to hold public hearings in Canberra and Perth next week, with findings expected by May 7, just before the federal budget.