Foreign energy war profiteers rort astonshing 6% of GDP

I noted on Wednesday how Australia’s net primary income deficit hit a record high $33.2 billion in the September quarter despite a near record terms-of-trade and a gigantic $31.2 billion trade surplus:

Basically, mining profits are near record levels due to soaring gas and coal prices. However, because energy companies are foreign-owned and Australia does not have a workable super profits tax, the bounty is flowing offshore to foreign shareholders.

This bizarre situation has meant that domestic energy prices have soared, leaving Australian households and businesses worse-off, without Australians gaining the upside from the gas and coal resources they own.