Australia enjoys gas golden shower
Anyone would think that the Albanese government was actually planning a gas reservation policy. As we know, the idiots have already gutted it by making all its supply provisions depend on ministerial decisions rather than statutory enforcement. This change makes it functionally exactly the same as the existing Australian Domestic Gas Security Mechanism (ADGSM), which The post Australia enjoys gas…
It appears Australia's government may be on the verge of implementing a gas reservation policy, similar to those of Japan and China. This move, however, is met with concern from various quarters. The Albanese government had previously dismantled the previous gas security mechanism, making it dependent on ministerial decisions instead of statutory enforcement.
This has led to calls for a halt to any new gas lever pulls. A recent business gathering in Tokyo, attended by Australian Treasurer Jim Chalmers, saw him reaffirm Australia's commitment to being a reliable energy supplier. This assurance aimed to allay fears regarding the proposed gas reserve policy and its potential impact on domestic gas exports, projected at approximately 1%.
China, a significant importer of Australian LNG, has cautioned against heavy-handed intervention in the local gas sector. Their submission suggested moderating supply obligations where appropriate. China, which consumes a large portion of East Coast gas, has resold 160 PJ of Australian gas last year, effectively using Australian reserves as a domestic gas reserve policy.
This mirrors Japan's approach. The shortage of gas has been a major factor in the decline of Australian industry over the last decade and has contributed to the surge in utility prices and interest rates. Both Japan and China, along with the Australian government, are providing a 'gas golden shower' to each other.
Written by urgent.news from MacroBusiness's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
