Prime minister says the middle of a global fuel crisis is ‘the worst possible time to jeopardise’ Australia’s partnerships with Asian trading partners

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Anthony Albanese has confirmed next month’s federal budget will not include a new tax on existing gas export contracts as he criticised the “populist” campaign calling for a levy on producers.

As reported last week, the prime minister was poised to reject pressure to introduce a 25% tax on gas exports amid concerns the intervention could alienate the Asian trading partners Australia is relying on for supplies of diesel and petrol.

Shell Australia says campaign needed to ‘counterbalance’ claims by levy advocates – but Ed Husic urges industry ‘do not spend millions defending the indefensible’

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Gas companies are mounting a multimillion-dollar advertising campaign to fight against a new export tax, prompting the Labor MP Ed Husic to accuse the industry of “defending the indefensible”.

Shell Australia is among half a dozen oil and gas companies contributing around $1m to an Australian Energy Producers (AEP) campaign that attempts to justify the amount of tax the industry pays, a parliamentary inquiry heard on Wednesday.

Independent candidate and One Nation’s David Farley are viewed as the frontrunners in the four cornered-contest for the 9 May poll

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The Liberals and Nationals will preference One Nation ahead of Michelle Milthorpe in the Farrer byelection in a potential blow to the independent’s hopes of winning the 9 May race.

Milthorpe and One Nation’s David Farley are viewed as the frontrunners in the four cornered-contest, meaning the flow of preferences from the Liberals and Nationals could be crucial in deciding the final outcome in the southern New South Wales seat.