Madeleine King (Brand, Australian Labor Party, Minister for Northern Australia) Share this | Hansard source

It should work for households, for businesses, for our manufacturing industry and, really importantly, to firm renewable energy sources. That is why this Albanese Labor government will implement a 20 per cent domestic gas reservation scheme. This government will ensure that Australians get more of the gas that we produce here and at an affordable price. We will implement this domestic gas reservation in a responsible way. We have been very clear that existing export contracts will be respected.

Australia takes very seriously its role in supporting regional energy security. We will remain a reliable energy partner for our region, including for our friends and partners in Japan, the Republic of Korea, Singapore and other partners as well.

Implementing a domestic gas reservation scheme is a major structural reform. It will mean more Australian gas is made available for Australian households, Australian manufacturers and Australian industry. It will drive a wedge between the domestic gas prices and high international gas prices, and, really very importantly, it will shield Australian gas users from the volatility we see in global markets.

I am asked about alternative approaches. One approach we saw from those opposite was to deliver to the Australian people a gas price of $31 a gigajoule. That was as they were leaving office; they even hid that at the time. Today that price is under $10. Those opposite had a decade to act on gas supply and prices and did absolutely nothing. They negligently left the Australian Domestic Gas Security Mechanism to expire, leaving us to urgently fix it in 2022. Those opposite voted against lower gas prices. They voted against the gas market code of conduct, which secured new gas for more Australians and more gas enough gas to power the state of Queensland for two years.

Another approach they had was to cut government departments and slow down approvals processes for new projects. Those opposite also voted against energy price relief for all Australians. Just like they voted against tax cuts for all taxpayers, they voted against the price cap on Australian gas for Australian people. And if the last budget in reply speech is anything to go by—and we expect the coalition to still be drafting their gas policy down the corridor—while we are reserving gas, they are just all so much hot air.

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