Woodside chief says consumers will pay for condensate tax
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The head of Woodside Petroleum says the tax on condensate production will be passed on to consumers.
The Federal Government has outraged partners in the North West Shelf gas project by scrapping the 30-year-old tax exemption for the gas product condensate.
In handing down a $1 billion first half profit, Woodside's chief executive Don Voelte says the tax is "ill conceived".
"This unexpected new tax is no different than any other cost, it'll be passed on to customers over the next few months and years," he said.
But Prime Minister Kevin Rudd has warned Woodside its moves will be scrutinised.
"The ACCC [Australian Competition and Consumer Commission] and others will be watching keenly the actions of individual companies in response to any individual tax measures," he said.
The Government had previously said there was no justification for domestic gas prices to rise as a result of the tax.
