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Any changes to gas and oil taxes are unlikely to be applied retrospectively, as the federal government continues to mull whether to alter royalties for energy giants.

Finance Minister Mathias Cormann said the government is considering its response to a review of the Petroleum Resource Rent Tax, but stressed there was no proposal to change the levy

‘As a matter of policy principle of course it is important tax policy changes should be prospective and not retrospective,’ Senator Cormann told Sky News on Friday.