I rise to make a contribution on the domestic gas reservation bills before the House: the Domestic Gas Reservation Bill 2026, the Domestic Gas Reservation (Consequential Amendments) Bill 2026 and the Domestic Gas Reservation Levy Bill 2026. We are home to some of the world's largest gas reserves—resources that have helped power economic growth, support communities, create jobs and establish Australia as one of the world's leading energy exporters. These resources are a national asset—an asset that belongs to all of us. Therefore, Australians rightfully demand reliable access to their own gas at prices they can afford. That simple principle sits at the heart of the government's domestic gas reservation reforms.

The government recognises the significant investment made by companies, workers and international partners in helping develop Australia's natural gas export industry. Those exports generate economic activity, support well-paying and skilled jobs, support our regional communities and play a critical role in securing our region's energy security. But Australians should not be facing uncertainty on whether they'll have access to their own gas given the fact that vast volumes are shipped overseas. Australian consumers and businesses should not pay high prices for a resource that is abundant right here in Australia, and Australian manufacturers and heavy industry should not be placed at a competitive disadvantage because the market fails to deliver adequate domestic supply. This package of reforms brings the balance back in our natural gas market and addresses the failures of the previous government when it came to our natural gas market.

At its core, the reform establishes a new domestic gas reservation framework based on export licensing. Liquefied natural gas exporters will continue to have the opportunity to export gas to international markets. These reforms will not see a cap on LNG exports. Companies can continue exporting as much LNG as they can supply, provided they also meet their obligations to support domestic supply. Put simply, we can secure domestic supplies and affordability without putting a stranglehold on our export markets. Australia can continue to be a major exporter while ensuring Australian consumers, manufacturers, heavy industries and businesses receive adequate access to Australian gas. This is not about restricting trade and growth in the natural gas market; it is about making sure the Australian natural gas market works for Australians too.

Under these new reforms, Australian LNG exporters will be required to contribute additional natural gas to the Australian domestic market. The bills before the House will establish a domestic supply obligation, which is set at 20 per cent of LNG exports. Put simply, 20 per cent of gas production will need to be set aside for Australians in the domestic market. The bill will also give the Australian Energy Regulator the responsibility for overseeing this scheme. Importantly, this obligation will not be a static requirement. This will allow the Australian Energy Regulator to have the power to calibrate obligations according to forecast domestic demand and supply requirements in the market. This also gives the Australian Energy Regulator the ability to maintain a modest surplus in the domestic market. By having a modest oversupply in the market, this will allow for downward pressure on natural gas prices. This will see major benefits to Australian households, Australian manufacturers, Australian heavy industry and Australian businesses. It helps strengthen economic resilience. It supports Australian jobs. It supports Australian industry. And it reduces the risk of supply shortfalls that can undermine confidence and security throughout the economy.

The government has also included strong integrity measures. We recognise that the effectiveness of any reservation framework depends on ensuring that additional domestic supply is genuine and represents a net increase in supply rather than a reallocation of existing supply. Exporters will not be able to satisfy their obligations merely by reclassifying gas that was already available to Australian customers. The expectation is made clear from the onset: the scheme must deliver real additional supply to the domestic market, not merely a reclassification. The Australian Energy Regulator will oversee compliance, monitor market behaviour and ensure obligations are met.

The package is also supported by improvements to the Gas Market Code designed to strengthen transparency and encourage responsible market conduct. It is important not only to set standards for supply and reservation of our natural gas market but to implement the necessary transparency and accountability mechanisms to see it successfully through. Importantly, the government has listened throughout the development of these reforms. Over the course of two years, extensive consultations were held with industry stakeholders. More than 130 submissions were received during the consultation process. As a result of extensive consultations, the government refined the framework to make it clearer, simpler and more predictable. The commencement date for domestic supply obligations was moved to 1 January 2028, as opposed to the original 1 July 2027 commencement, to better align with contracting cycles.

The formula used to calculate obligations has been simplified. Flexibility arrangements were simplified and narrowed. The government has also provided confidence in existing contracts, and how existing contracts are treated against the framework has been clarified with the sector. And regulatory discretion was reduced by providing clearer rules and requirements. The result is a framework that balances domestic energy security with investment certainty for the producers as well. We must get the balance right, building on existing market settings and obligations while ensuring our reforms deliver secure and reliable gas supplies into the future.

Australia's economy benefits enormously from investment and stability in the resources sector. The government understands the need to provide businesses in this sector with certainty when making long-term investment decisions, allowing them to plan ahead for new reforms and minimise disruptions to their operations. That is why contracts entered into before 22 December 2025 will be respected and upheld. The scheme includes transitional arrangements, which will recognise existing contracts, infrastructure constraints and current reservation arrangements. Importantly, the bills before the House allow for the facilitation of long-term export licences, which will provide investors with greater clarity and greater stability. Compliance pathways that will be enforced will also be clearly defined, and existing obligations appropriately recognised. These measures ensure that Australians receive the benefits of stronger domestic supply whilst ensuring Australia remains an attractive destination for investment.

There has been speculation that these reforms will mean Australia is turning away from international markets, and that's simply not the case. Australia remains committed to being a major LNG exporter and will continue to be a committed and trusted trading partner. Under these reforms, we remain committed to supporting the energy security of our region and, importantly, our regional partners. The government has actively engaged with trading partners and international investment throughout the development of these reforms. Existing contracts will continue to be honoured, and, importantly, Australia's reputation as a reliable supplier will remain solid. What changes is that Australian consumers and businesses will finally have stronger protections that ensure domestic supply is not overlooked. This is not a choice between Australians and our international partners; it is about giving Australian natural gas consumers a fair go.

These reforms are also about the critical flow-on effects of energy supply. By ensuring Australian supply remains available to Australian users, we create a stronger foundation for future investment and future economic growth. These reforms are about jobs. They are about manufacturing, and they are about Australia's future industrial capability. Affordable and reliable gas supports a wide range of industries. It supports our food producers. It supports our agricultural industry through chemicals and fertilisers. It supports manufacturing and construction. It supports our regional and rural economies. When businesses have confidence in future energy supply, they are more likely to invest, expand operations and create jobs.

Our natural gas reservation policy will be a key pillar in shielding industry and households from global price volatility and gas supply shortfalls. By placing downward pressure on gas prices and reducing scarcity risks, these reforms strengthen Australia's economic resilience and sovereign capability. It helps businesses plan for the future with greater confidence, and it supports the competitiveness of Australian industry in increasingly challenging global markets. Seventy per cent of Australia's gas usage stems from industrial activities, serving as the key input for our industrial base and sovereign capability.

Our liquefied natural gas reservation policy will also play an integral role in supporting our Future Made in Australia policy. By securing affordable and reliable access to natural gas, we support our Future Made in Australia agenda and nationally significant trade exposed industries that currently have limited viable electrification pathways. Securing our liquefied natural gas supply has never been more important. As we've seen in recent months and years, reliable access to critical supply chains is essential to our economic resilience, our energy security and our national interest—whether it was the global pandemic, the conflict that followed in Ukraine or the conflict in the Middle East. Access to vital supply chains is critical to economic prosperity and sovereign capability in times of global uncertainty.

Following the conflict in Ukraine, the Albanese government acted decisively to safeguard Australia's energy security. In December '22, the government recalled parliament to shield Australians from surging international gas prices and secured an additional 644 petajoules of gas supply. These were measures the coalition opposed at the time. More recently, following the conflict in Iran this year, the Albanese Labor government worked around the clock with international partners to safeguard Australia's supplies of diesel, fertiliser and other critical fuels. Now before the House the Albanese Labor government is taking further action to secure Australia's natural gas supplies both for the immediate future and for the years ahead.

The reforms also recognise the realities of Australia's geography. As we know, Australia's east coast and west coast gas markets operate differently, and our regulatory framework must reflect those differences. LNG exporters will be required to hold export licences, while our reforms will also allow for tailored regulatory settings where appropriate. This flexibility will ensure our policy settings respond to the realities of Australia's dynamic gas market rather than imposing a one-size-fits-all approach.

Ultimately, this reform comes down to a simple proposition: Australia's gas resources are a national asset. Australians deserve reliable access to those resources. Australian manufacturers and heavy industries deserve confidence that affordable energy will be available into the future. Australian workers deserve the jobs and opportunities that flow from a strong and competitive industrial base, and Australia can achieve all these goals while remaining a leading LNG exporter and a trusted global partner.

This package is about balance. It is about backing our regions. It is about backing our energy security. It is about supporting Australian jobs, supporting Australian manufacturing and supporting Australia's long-term economic strength. Most importantly, it is about ensuring that Australia's natural resources work for the Australian people and for Australian industry. That is why these reforms matter, and I commend the bills to the House.