Australia's failure to capture the value of windfall oil and gas profits has been labelled "embarrassing" as MPs demand immediate taxes on fossil fuel exporters set to rake in cash from war in the Middle East.
Independent MP Allegra Spender called on Treasurer Jim Chalmers to apply an immediate tax of at least 50 per cent on the extra "supernormal" revenue that companies are set to receive because of price spikes driven by conflict between the US and Israel and Iran.
