A Shorten Labor Government will ensure Australia’s energy needs are put first, introducing measures to boost local gas supply, put downward pressure on gas prices and protect Australian jobs.
Australia produces two times more gas than we consume. We are the second largest gas exporter in the world, and projected to become the largest. Yet gas prices have skyrocketed in the face of supply shortages, putting manufacturing jobs at risk and impacting our electricity security.
The Liberals have refused to take real action to address the impact that soaring gas exports are having on Australian gas users, especially manufacturers. The Liberals have preferred to blame others while they enter handshake agreements with the big gas exporters.
· Introduce a permanent export control trigger put downward pressure on gas prices and protect Australian jobs. This can be pulled when gas prices are too high, not just when a gas shortfall is forecast. If prices are too high – based on a benchmark set by the ACCC – then the trigger can be pulled to enact export controls.
· Boost supply for domestic use by introducing a National Interest Test that applies to all new LNG export facilities or significant expansions of existing facilities. This would mean that domestic use will be a consideration in the approval of these projects.
· Give the ACCC new powers to monitor prices and crack down on anti-competitive behaviour in the gas market that causes inflated prices, and to make the market more transparent and competitive.
· Establish an expert panel, the Domestic Gas Review Board, to oversee the application of the National Interest Test and the permanent gas export control trigger.
We will work with manufacturers and industry on the implementation of Labor’s plan to build a sustainable gas industry, including an export industry, that operates in our national interest and puts Australian jobs and gas users first.