I rise to speak to my amendments to the Domestic Gas Reservation Bill 2026. These are relatively straightforward amendments that seek to improve the operation of the scheme and ensure it remains responsive to changing circumstances over time. The first amendment would limit LNG export licences to a maximum term of 10 years, rather than allowing licences to be issued for periods of 20 to 50 years. This amendment reflects recommendations from stakeholders including Climateworks and the Institute for Energy Economics and Financial Analysis. Australia's gas market will not look the same in 10, 20, 30 or 50 years as it does today. We know the LNG export sector is projected to decline over the coming decade, including under assumptions outlined in the government's Future Gas Strategy. Given the uncertainty, it makes sense to periodically reassess export licences rather than lock in arrangements for several decades at a time.

A 10-year licence period would reduce the risk of government needing to intervene to amend or revoke long-term licences as domestic gas market conditions, reserve estimates or emissions policies change. It would also allow consideration of the impact of proposed exports on Australia's emission reduction targets as circumstances and policy settings evolve. Importantly, it would provide a clear and predictable review process, allowing licences to expire and be reassessed rather than relying on governments having to intervene ad hoc if circumstances change significantly.

At the same time, the amendment would continue to provide certainty for industry and LNG export contracts. Most east coast LNG sale agreements are due to expire by 2036, and there are currently no new major LNG export projects under development. The amendment would also ensure there is an opportunity to periodically assess whether licence holders remain fit and proper entities to hold an export licence.

My second amendment would make clear that the reservation scheme should operate consistently with Australia's emission reduction commitments. Specifically, it would add an object to the act requiring that its objectives be achieved in a way that does not jeopardise Australia's greenhouse gas emission reduction targets. It would also require the minister and regulator to take all reasonable steps to ensure decisions made under the act do not undermine achievement of those targets. Decisions made under the gas reservation scheme should take into account Australia's existing emissions reduction commitments, and measures designed to improve domestic gas supply should not have unintended consequences for those objectives.

These amendments reflect recommendations made in the ongoing inquiry into this bill and would, in my view, strengthen the bill in a practical and sensible way. I commend the amendments to the House.