Varun Ghosh (WA, Australian Labor Party) Share this | Hansard source

No, the details are important, Senator Pocock. I appreciate that making the political point you're trying to make with this motion might not be complicated, but details in setting gas policy are complicated, and that's where grandstanding in this place differs from actually setting policy in the real world. We all agree we need to bring down the price of gas and electricity for Australian industry and households, but it's about how we do it. That's why the Albanese government is involved in reforming this part of Australia's energy market and Australia's energy industry. The government has created a stronger heads of agreement with LNG producers to help direct gas to the Australian market. We've also reformed the Australian domestic gas security mechanism, which allows gas to be reserved if there is a shortfall. It's dependent on whether there's a shortfall or not and responds to market conditions. It doesn't just set a blanket reservation in effect of all uncontracted-for-export gas. That might vary from time to time as well.

At the same time, market operators have been given stronger powers to help resolve supply shortfalls. There hasn't been a shortfall yet, but it is essential that we ensure that there isn't one, and that requires investment in the industry. It requires certainty for long-term investment in order for gas to be delivered at a lower price in the long term. So while this motion might be superficially appealing, the government opposes it because it does not reflect what's actually required to bring prices down, ensure stability in gas supply markets and ensure investment in those markets.