Australian Prime Minister Anthony Albanese has signaled growing opposition to a windfall tax on gas exports that had been expected to be proposed for the May 12 federal budget, making its inclusion unlikely in the upcoming legislative session, the Australian Financial Review reported on April 23.

The Iran war has exposed Australia's reliance on imported liquid fuels, with the government previously relaxing diesel standards for six months and releasing part of its fuel reserves to ease localized shortages. In that context, Australia is more reliant on suppliers of liquid fuel products like Japan, South Korea, Malaysia, Singapore and Brunei, which the proposed gas tax would risk antagonizing because these countries rely on Australia for their LNG imports.