Oil and gas companies in Australia are expected to pay $16 billion (US$10.7 billion) in taxes, boosting the country’s budget. This represents an increase in corporate income tax, royalties, excise, and license fees compared to the previous financial year. However, regulatory interventions, including the possibility of changing the Petroleum Resource Rent Tax (PRRT), could affect future investment and energy security. Woodside Energy chief executive, Meg O’Neill, and other industry leaders have warned against overreach in the budget, which could impact the country’s strategic partnerships and regional security. The gas industry also contributes nearly $500 billion in economic activity annually, supports 80,000 jobs, and provides essential energy to millions of homes and businesses.