There was much warmth on display at the official leaders’ meeting between Australia and Japan on Monday. Australian Prime Minister Anthony Albanese gave his Japanese counterpart Senae Takaichi an AC/DC drum skin signed by the band members, while receiving new vinyl records for his DJ collection. Both leaders famously love rock music.

But there was also national business at stake. The pair signed a joint declaration on economic security, outlining a broad agenda to align policies across trade, energy and critical minerals and new technologies such as quantum computing.

It’s not all been smooth sailing. Japan has been vocal in speaking out against proposals for higher taxes on Australia’s gas exports, and over domestic climate policies. To overcome this turbulence, a long-term vision for the Australia-Japan energy relationship is needed in a decarbonising world.

There are three distinct ways in which Japan and Australia’s interests are intertwined: how we tax companies that extract our resources, how we ensure energy security, and how we cooperate on climate change.

In recent months, calls to raise taxes on Australia’s LNG exports have grown louder. A number of proposals have been made to secure a greater share of income from Australia’s domestic gas resources,........

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