Gas cartel makes out like bandits as Aussies gouged

Analysis of ship-tracking data by EnergyQuest has revealed that Australian LNG exports achieved a record volume of 81.4 million tonnes in 2022, while Energy Quest estimates that the value of LNG exports jumped 86% to nearly $93 billion.

Energy Quest’s estimate compares with revenue of just $36 billion in 2020 during the height of the pandemic, with the surge in revenue coming amid calls for the government to impose windfall taxes on LNG exporters such as Santos and Woodside Energy.

The figures from Energy Quest come as Wall Street research firm Alliance Bernstein predicted another year of sky-high prices for LNG after the record set in 2022.

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.