Steph Hodgins-May (Victoria, Australian Greens) Share this | Hansard source

I note that Senator Sterle neglected to mention the massive costs outlined in the National climate risk assessment as a consequence of burning coal, oil and gas. We have to face the facts. Australia's gas market is broken, and it was broken by former Labor resources minister Martin Ferguson, who went straight from parliament to gas lobbyists APPEA. Gas corporations have plundered our environment, caused 1,200 job losses in manufacturing and prioritised their greed for exports while everyday Australians pay the price.

Since large-scale LNG exports began on the east coast, domestic gas prices have tripled. Families, farmers, small businesses and manufacturers are bearing the cost while gas giants record billions of dollars in profits. The Australian Taxation Office has described some of these companies as systemic nonpayers of tax. The Australia Institute put it plainly:

It beggars belief that a company like Santos can sell nearly $50 billion of gas over a decade and not pay a cent of tax …

Australians are footing the bill for a public resource that they no longer control. Australian students pay four times more in HECS repayments than the gas industry pays in PRRT currently. Australian nurses pay more taxes than the gas industry. What a great shame that is.

And, as domestic supply tightens, we continue exporting vast quantities of gas overseas under the spin that Australian gas keeps the lights on in Tokyo. In reality, Japan onsell 30 per cent more gas than they consume. They make more money off gas than Australians do. Meanwhile, households back home face skyrocketing bills, regional manufacturers struggle to stay afloat and the east coast faces a real shortage of supply from 2028. Yet the Labor government remains addicted to coal and gas. Its policies protect fossil fuel interests, not the Australian public. Approvals for projects like the recent North West Shelf expansion and the barrelling ahead of Narrabri in New South Wales and Barossa off the Northern Territory make it clear whose side this government is on.

The paradox couldn't be sharper. Australia is rich in gas, exporting far more than we need, yet domestic prices soar and shortages loom. From what we heard about the gas market review, the government plans to incentivise new gas fields rather than use existing supply to secure domestic needs. That means rewarding the very corporations that created this mess. And, while this is happening, the Minister for Resources is courting industry, with even a taxpayer funded trip to Japan, rubbing shoulders with the very companies ripping off Australia, like Woodside and INPEX.

While Labor considers options to financially support these dirty, tax-evading corporations, we're focused on options and solutions that would support Australian families and businesses. Taxing gas companies is a simple, fair and principled reform option. It would restore balance to the market; compensate households and businesses, who have been paying the price; and ensure Australians share in the wealth of the resources we own, whilst redirecting gas back into the domestic market. It would direct value back to the public, not reward the lobby that has rigged the system for decades. Proposed options that essentially incentivise new gas fields aren't about energy security; they're about protecting corporate profits and prolonging our toxic dependence on gas. The lobby writes the playbook in this place; the government reads it out.

This is not some distant problem. From 2028, the east coast faces a growing gas shortfall because Santos are sucking the gas away from Australians to meet their export contracts. Existing supply must first serve domestic needs. It sounds pretty basic. New gas fields must not be incentivised. We are awash with gas; we just aren't allocating it to where it needs to be allocated.

We must rapidly wean ourselves off fossil fuels and accelerate investment in renewable energy and innovation for hard-to-abate industries. Energy must be affordable, secure and accountable, and properly managing our current resources is the first step towards a fast and fair transition. Prioritise domestic supply and invest in a fair, renewable future. Phase out fossil fuels. Protect households and industry. Secure our energy future without locking in decades more dependence on toxic gas. (Time expired)