According to Santos CEO Kevin Gallagher, what specific impact did the proposed 25% gas-export tax have on Australia's energy investment reputation?

Santos CEO Kevin Gallagher stated that the proposal for a 25% gas-export tax — even though the federal Labor government stepped back from it — has 'damaged' Australia's reputation as a stable destination for energy investment. He emphasized that the mere prospect of the tax unsettled foreign investors and trading partners who rely on policy predictability for long-life energy projects, and that repeated interventions and threats of policy change created anxiety among investors whose capital Australia depends on for large oil and gas developments.

What reason did Kevin Gallagher give for the gas-export tax proposal, and how did he characterize the government's reversal?

Kevin Gallagher said the tax proposal was driven by 'activism' rather than economics, and described the government's decision to step back as a moment where 'common sense has prevailed'. He stressed that while the reversal was welcome, the damage to investor confidence had already been done due to the uncertainty generated by the proposal.

Santos Says Gas Tax Proposal Damaged Australia's Investment Reputation

May 4, 2026

Santos CEO Kevin Gallagher warned that a proposed 25% gas-export tax damaged Australia's reputation as a stable energy investment destination, risking capital diversion due to policy instability. He further noted geopolitical tensions could prolong commodity price volatility.

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