The Council welcomes the release of the Gas Market Review Report (the Report) and to make a submission on its implementation. At a time when manufacturers are facing serious challenges, energy is one of the few advantages Australia has to offer and which Government can help to deliver.
The Council agrees that despite Australia’s abundant gas reserves and resources with total gas production in Australia being approximately four times annual domestic consumption, there is still a risk of a structural supply shortfall. The Council has been on the record for many years in support of a domestic gas reservation policy, as part of fundamental reforms to gas market settings. The principles outlined in the Report are sound at a high level and the Council looks forward to engaging on the detailed design process of the reservation prior to its commencement in 2027.
For industrial users unable to switch from using gas as an energy source or feedstock in the short to medium term and who are considered critical to Australia’s sovereign interests such as Australia’s alumina and aluminium sectors, where the impact of a gas reservation scheme does not deliver sufficiently reduce prices in line with the intent of the policy, the Government should consider options to ensure they are able to continue operating.
Read the full submission here.
