As one of the world's top liquefied natural gas exporters, Australia will initiate an inquiry into the tax policies of oil and gas companies such as Chevron, Woodside Energy Group, and Santos. The conflict in Iran has driven up energy prices, generating substantial windfall profits for energy producers.

On Monday, Australia's Senate agreed to establish a special committee to review tax arrangements in the oil and gas sector, with senators from the ruling Labor Party supporting a motion proposed by the Greens.

The committee will be led by Greens Senator Stefanie Hodgins-May. Last week, she called for a tax of at least 25% on gas exports, estimating that the proposal could generate approximately A$17 billion (US$11.6 billion) in annual revenue.

As the Middle East conflict pushes global energy prices higher, leading to soaring profits for major energy firms, debate has intensified within Australia over whether to increase taxes on resource exports. Some politicians, unions, and advocacy groups are calling for higher tax rates, including a windfall profits tax, arguing that exporters are benefiting from wartime price surges.

Greens leader Senator Larissa Waters stated on Monday, "This inquiry will scrutinize large gas companies that avoid taxes, challenge their excuses for not paying, and build consensus for fairer tax policies ahead of the upcoming budget." She added, "While people struggle to pay bills amid soaring living costs, gas companies should not profit without paying their fair share of tax."