End-of-year deadline looms for gas reserve fight

The deadline for establishing a domestic gas reserve approaches as the parliamentary year concludes. Despite Prime Minister Anthony Albanese's absence at international summits in the Philippines and China, Senate-only sessions will commence on Monday for the final two weeks of 2026. The gas reserve deal takes center stage as Labor engages in negotiations with the coalition to secure passage.

Under the plan, gas corporations would reserve up to 20% of their exports for domestic use. Labor requires backing from either the opposition or the Greens to get the legislation passed in the Senate. The coalition appears to be the more probable partner for the negotiations.

The coalition's inquiry report indicated their willingness to support the reservation policy, provided certain modifications are made. However, coalition senators Kerrynne Liddle and Susan McDonald argued that the present proposal would harm domestic gas producers and jeopardize future supply. In contrast, eight prominent organizations, including the Australian Industry Group and the ACTU, have called for parliament to endorse the gas reserve bill.

Australia stands as one of the globe's leading gas exporters but lacks a national mechanism to prioritize its own supply. A shortage risk is prevalent on the east coast, with gas prices becoming tied to volatile global markets, affecting manufacturers, workers, households, and small businesses. The government aims to pass laws for a digital duty of care and to eradicate higher private health insurance rebates for those over 65.

This is the second attempt by Labor to pass the insurance changes, as it was previously rejected by the Senate due to opposition from the coalition, Greens, and the crossbench.

The Greens have expressed their willingness to support the changes if pensioners are exempt from the reforms. A dispute over changes to taxes on trusts is anticipated, with a proposed 30% minimum tax on discretionary trusts sparking criticism from peak business bodies. They argue that small businesses cannot afford this tax, and a thriving economy necessitates prioritizing investment in small businesses and family enterprises.