Anthony Albanese has all-but ruled out a new tax on gas in this year’s Budget, declaring there are currently no “windfall profits” despite global demand surging as a result of the war in Iran.

The Prime Minister said the upcoming Federal Budget would “not undermine existing contracts on gas exports”.

“What we can do is wait for the Budget on May 12 but consistent with the principles that I’ve put forward, very clearly, I think that one of the things that’s really important for investment is no surprises”.

Pressed further, he said no future changes were being contemplated despite a growing push by the Greens, Independent David Pocock, online influencer Konrad Benjamin and environmental lobby groups.

“There has been no windfall profit, gas prices remain the same as they’ve been,” Mr Albanese said.

“We’ve made very clear our position, the only thing I am concentrating on when it comes to fuel is supply.”

He denied Australia’s international trading partners have raised concerns about a potential tax on war-time profits, insisting it had not been discussed.

“What we’ve been talking about is Australia is a reliable supplier of energy, that’s what we do, that’s our reputation,” Mr Albanese said.

He talked about Australia’s supplies to Asia and linked the issue to the global fuel crisis.

“The quality and reliability of Australian agriculture, Australian resources and Australian gas has been critically important to the assurances we have received for future supplies of petrol, diesel and fertiliser,” Mr Albanese said.

“In other words, our gas exports are directly linked to our national fuel security, and the middle of a global fuel crisis is the worst possible time to jeopardise these relationships or the investment that underpins it.”

He said the petroleum resource rent tax, which applies to offshore oil and gas projects at a rate of 40 per cent, is already designed to increase revenue as profits rise.

The PRRT is forecast to raise about $2 billion in 2026 but the Australian Energy Producers peak body argues the industry also paid about $13.5 billion in corporate tax in 2024-25.

Woodside added that the North-West Shelf off WA’s north coast has paid about $42 billion worth of royalties.

“Woodside‘s paying 44 cents in the dollar in Australia. We think that’s delivering a fair return to Australians,” new Woodside chief executive Liz Westcott said.

Chamber of Minerals and Energy WA boss Aaron Morey welcomed the Prime Minister’s response, saying it should end the debate - at least for now.

“Certainly (a gas profits tax) has not been explicitly ruled out definitively but the Prime Minister did make a very clear commitment that any changes would have to follow significant consultation with the industry,” he said.

“In so far as that has not occurred, we are confident that the Budget won’t include any significant new taxation measures.”

Conservation Council WA chief executive director Matt Roberts called Mr Albanese’s rejection of a new 25 per cent tax on profits an “insult to all Australians” and a “wasted opportunity”.

““What better way to pay for the transition that we need - and simultaneously manage a phase-out of fossil fuels - than to raise revenue from a dying industry,” he said.

Senator Pocock wasn’t giving up yet.

“Now is the time to do it,” he said. “I don’t expect them to do it, the next thing will be just continuing this (campaign), clearly, there’s so much public support”.

Mr Albanese assured the audience of mining and energy leaders that new environmental laws will result in faster approvals, committing $45 million from the Budget to a “single touch process” to “simplify” approvals.

“I’m pleased that (WA) Premier Roger Cook has been the first to sign an MOU to begin formal negotiations for a bilateral assessment agreement,” Mr Albanese said.

“The intention is to then negotiate a bilateral approvals agreement, and our Budget funding will facilitate this. This is important reform.”

The CME has called for new standards under the EPBC Act and a bilateral agreement to be finalised by the end of this year.

The peak mining lobby group also pressed the Prime Minister over a looming industrial war in WA, with the Electrical Trades Union voting to strike in the Pilbara for the first time in decades. The union extended work bans on Wednesday.

“It’s always been my view people have a right to organise,” Mr Albanese said, but he added a caveat.

“You only have workers and union members if you have successful businesses, and that’s why they need to work together with common interests and not abuse any privileges which are there.

“So we want to see people paid properly, but we also want to see businesses be successful.”

Union right of entry requests in the Pilbara have surged 400 per cent in 12 months.

The CME said it’s not just the electrical union flexing its muscle.

“We have deep concerns with the conduct of many unions in and around the Pilbara at the moment, the ETU included,” Mr Morey said.

“What I can say is that resources companies, as they always do, are approaching these matters in a professional way. And I think the Prime Minister today reminded everyone should do the same.”

BHP has warned that union requests would result in wage costs doubling and electricians being paid $400,000.

“Our focus remains on safe, reliable operations and continuing constructive bargaining,” a BHP spokesman said.

The Prime Minister was in Perth to announce $1.1 billion for roads around the future Westport container terminal in Kwinana, jointly funded by the State and Commonwealth, flanked by Roger Cook and Rita Saffioti.

“Westport will be crucial for ensuring Western Australian economy stay strong,” the Premier said.

“It will boost long term trade and economic growth, support housing supply and improve productivity in the defence and critical minerals industries. And this funding will deliver the first stage of significant upgrades of Anketell Road.”

Mr Albanese reiterated his support for WA’s GST deal and the 75¢ floor, but baulked at questions over whether the no-worse off guarantee - that’s resulted in big top-up payments for other states - should be extended.

“Ask me in 2029,” he said.

“I have continually provided my support for the existing arrangements in WA and I have not changed my position.”

The WA Treasurer said she trusts his word - but not the state Treasurers.

“Despite these reassurances, we know other State Treasurers want to rip up the 2018 GST reforms,” Ms Saffioti said.

“That’s why we’re fighting to maintain WA’s fair share so we can continue to invest in the industries that support our nation’s prosperity and provide quality jobs for Western Australians.”