Prime Minister, you're aware that American and Western Australian policy says no gas exports until all domestic demands are satisfied. Australian gas exporters told the ACCC this year they have sufficient gas to supply Australia while meeting international contracts. Would you agree that a genuine reserve resource policy should reduce east coast gas prices from around $17 to below $7, comparable with Western Australia and world prices. Will you agree to a true reservation for Australia that mandates every gas exporter to supply Australian households and industry first, saving Mount Isa and other light industrial undertakings?

I thank the member for Kennedy for his question. I'll answer it and then get the Minister for Resources to supplement my answer. I've stood with the member for Kennedy in Mount Isa a number of times, backing in industry and support in that vital area of Queensland. The member is certainly right that, when it comes to gas reservation in this country, it needs to be an important part of the policy solution that is required.

Our resources have provided us with enormous benefit and income from export, but we also need to make sure that gas is available for domestic manufacturing and, particularly, that we learn the lessons of Western Australia, which has successfully had a gas reservation scheme on the east coast, which is what we have been working on—consulting with industry constructively. I look forward to continuing to consult with the member for Kennedy on these issues. I'd ask the minister to add to my answer.

I thank the member for Kennedy for his question. We do agree, as the Prime Minister has said, that we should have a gas reservation policy that mandates that every gas exporter supplies Australian households and businesses first. That is precisely what this government is doing through the development of the national gas reservation scheme. I'm well aware of the Western Australian gas reservation policy, but I do note how difficult it was to pass at the time in 2008. It was visionary Labor policy, and that vision remains.

In 2022, this government inherited a gas policy bin fire. Through the Future Gas Strategy, we have methodically set out how gas will work with our net zero emissions targets that have been legislated. Now, with the introduction of and the exposure draft of the national gas reservation scheme, we are continuing this further. The member for Kennedy will know that the announcement of the gas reservation scheme was of great benefit in his electorate. It provided the commercial confidence required for the private purchase of Phosphate Hill fertiliser. That would have closed without that scheme's being introduced.

Member for Kennedy, for your benefit and for the benefit of others in this House, up until a few months ago, another party here supported a gas reservation scheme. The members for New England and for Farrer would be aware of this. The leader of One Nation, Senator Hanson, very much supported a gas reservation policy. Indeed, in March, she introduced legislation for it in the Senate. In June, though, unfortunately for households around the country and for industry, she backtracked on that and is now not supporting a gas reservation policy. We've been very clear on this policy, which is more than can be said of the One Nation Party.

The minister's time has concluded.