Prime Minister Anthony Albanese has ruled out slapping a fresh tax on existing gas export contracts when the federal government hands down its May budget, despite an intense campaign for the move.

But Albanese didn’t rule out the possibility that future gas projects could face new levies.

“The budget will not undermine existing contracts on gas exports,” he said in a speech to Western Australia’s Minerals and Energy Council on Wednesday.

“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.”

Albanese reiterated his previous language about the May 12 budget, focusing on building the nation’s resilience at a time of global uncertainty.

There has been furious speculation the government was poised to change tax rules for gas projects.

Some advocates have pushed for a 25 per cent windfall levy on gas companies, who are expected to reap significant profits from the Iran war.

Albanese pushed back on the arguments for an extra tax on existing projects but did not rule out changes for new projects.

“There have been no windfall profits. Gas prices remain the same as they’ve been,” he said after his speech.

“The only thing I am concentrating on when it comes to fuel is supply.”

Albanese also promised to fast-track energy, housing and resources projects, removing a “layer of bureaucracy” by speeding up approvals.

He used his speech to announce more than $45 million over the next four years to progress environmental bilateral agreements with states and territories to remove approval duplication.

The funding will be provided to encourage governments across the country to prioritise signing on to new assessment and approval agreements with the Commonwealth.

State and territory leaders who ink such deals will be allowed to assess proposals and green-light them on behalf of the federal government.

Albanese pointed to median approval times for projects under the Environment Protection and Biodiversity Conservation Act blowing out from 48 weeks 20 years ago to 118 weeks now.

The drawn-out process resulted in investors walking away from projects and communities missing out, he said.

“This will fast-track new energy, housing and resources projects by combining federal and state approvals, effectively removing an entire layer of bureaucracy from the process,” he said.

“After too many wasted years, this can be a circuit-breaker – if the states step up and sign up.”

Labor’s environmental protection reform was passed by parliament in November 2025.

The changes seek to increase efficiency in project assessments and provide greater transparency in decision making.

-AAP