COALITION ANNOUNCES GAS RESERVATION PLAN
Senator Susan McDonald
Shadow Minister for Resources
Shadow Minister for Northern Australia
Senator for Queensland
Hon Dan Tehan MP
Shadow Minister for Energy and Emissions Reduction
Federal Member for Wannon
The Coalition has a clear plan to get Australia’s gas industry moving again.
It means more Australian gas, more investment, affordable and greater energy security.
The last four years of Labor’s disastrous gas policies has left industry confused, paralysed, and has frozen investments across the country. Long-term off-take agreements are now being redirected towards Canada, the US and Qatar rather than underwriting future new gas projects here in Australia.
Labor’s purposeful decision last year to choose to negotiate with the Greens on the crucial Environmental Protection and Biodiversity Conservation (EPBC) Act left our resources sector reeling, and created further uncertainty for investments and approvals.
As Labor work on the design of their domestic gas reservation, there are key criteria that Labor’s reservation must adhere to:
● We will not support Labor’s current approach.
● Australian gas for Australians: Labor’s reservation must secure Australian gas for Australians;
● More gas, not less investment: Labor’s reservation must ensure that there is new gas production, both for domestic and LNG;
● More investment: Labor’s reservation must include a clear plan to demonstrate greater future gas investment;
● Honouring our commitments: Labor’s reservation must not impact existing contracts;
● Respect existing schemes: Labor’s reservation must recognise existing state and territory schemes;
● Lower prices through supply, not price controls: Labor’s reservation must support Australian domestic producers and Australian manufacturing, target domestic gas prices to the long-run marginal cost of production, whilst being competitive for customers;
● Strengthen emergency powers: Labor’s reservation must strengthen and reform the Australian Domestic Gas Security Mechanism (ADGSM) to ensure there are never gas shortfalls;
● Evidence based: Any reservation must have demonstrated research from Government agencies to support the principles above.
The Coalition stands ready to work with the Government to deliver a responsible, viable domestic gas reservation that meets these criteria, and above all, secures more Australian gas for Australians.
Our international partners deserve the respect and energy security that good policy brings. Investors deserve the knowledge that they can make financial decisions and the goalposts won’t shift later on.
Australians deserve affordable, reliable gas supply, at all times of year. It is now up to the Albanese Labor Government to decide whether they value bipartisanship and sensible energy policy over Greens-led political chaos.
ENDS