Gas being accessed in the Northern Territory is very high-cost gas with high piping costs in a low-cost gas world. Producing high-cost gas does not bring down the cost of gas for domestic consumers in Australia.
The extent of the gas price gouge means it is now economic to import gas into Australia. There are currently five gas import terminal proposals in Australia. If all are built, they will have the capacity to supply over 90% of Australia’s east coast market.
The gas cartel’s treatment of the Australian business and retail consumer has resulted in industry closure and will see further industrial destruction.
To support a loss-making industry that has failed to supply Australian consumers with gas at a reasonable price, or pay its fair share of royalties and tax, is total policy failure. The Labor party should reverse this populist decision in the nation’s interest.
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