Tony Zappia (Makin, Australian Labor Party) Share this | Link to this | Hansard source

The recent ACCC report that Australia's east coast faces a looming gas shortage, at a time when Australia is reportedly the world's largest gas exporter and when global gas prices are at record high levels, has Australians confused, anxious and angry. It seems that the gas shortage lies in what one media story refers to as market exploitation by Australia's east coast gas cartel, made up of five multinational entities that control 85 per cent of the gas. Three of those entities, in which the major stakeholders are ConocoPhillips, Origin, Sinopec, Shell, Santos, PETRONAS and TotalEnergies, control over two-thirds of Australia's east coast gas. Of those companies, between 2015 and 2020, the last period for which figures are available, five paid zero tax and one paid minuscule tax in what would be a multibillion-dollar business sector. The distribution of the gas is dominated by the APA Group. There is no justification as to why Australians should face a gas shortage or pay exorbitant prices for an Australian resource. I call on those companies to do the right thing, show some corporate responsibility and ensure that the Australian people can buy Australian gas at affordable prices.