Shadow Minister for Resources, Senator Susan McDonald, has lashed a decision by ANZ bank to refuse funding for new oil and gas projects as weak and counterproductive, saying that Labor’s homegrown energy crisis is a sure sign that Australia needs more gas and oil projects, not less.

The release of Labor’s Future Gas Strategy marks nearly a year since the Government funded itself to do a study into how to fix the problems they themselves created in Australia’s gas market and the economic damage it has caused.

Today’s release of the ACCC Quarterly Gas Inquiry report claims that there will be no gas shortfalls this year, however it hides Labor’s true colours on gas supply. Shadow Minister for Resources, Senator Susan McDonald, highlighted that the ‘surplus’ of gas on the east coast was in fact due to a decrease in demand as manufactures close Australian operations, rather than increased supply.

The release of the March Resources and Energy Quarterly (REQ) highlights that despite easing global prices for coal and gas, Australia’s resources sector is still holding up the national accounts with $417 billion in earnings for 2023-24, as Australian steel-making coal continues to dominate global markets.

Labor’s appalling approach to bipartisanship has been displayed yet again, with their unnecessary capitulation to Greens pressure to block voting on their own legislation fixing offshore gas regulations.

Dire shortfall warnings from the energy market regulator, and reports of using diesel to prop up gas generators are yet another wakeup call for the Federal Government and its energy policies.
Senator Susan McDonald, Shadow Minister for Resources, said that thanks to Labor’s utter incompetence in managing our gas and energy market over the last two years, Australians can expect gas shortfalls earlier than first forecast.