Albanese Government promises energy security with gas deal
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The news: Following Opposition Leader Peter Dutton’s energy-focused budget reply on Thursday evening, Resources Minister Madeleine King announced she had secured the necessary gas for domestic use to bridge a record winter shortfall.
The context: According to a government statement, King has been meeting with major east coast gas exporters to assess the outlook for gas supply in the coming months, and has secured a commitment from LNG providers to make an additional 9 petajoules of gas available for the domestic market in Q3. These new commitments mean there will be a buffer of gas supply during times of peak demand.
“Australian consumers and businesses deserve to be able to buy Australian gas at reasonable prices and we’re making sure they can,” King said.
“Peter Dutton voted against price caps on gas during the market crisis they left and opposed the Gas Code that has delivered more supply at lower prices. Australians are under the pump and that's why we acted decisively to take the sting out of energy and gas prices.”
Earlier on Thursday, the ACCC’s March 2025 update for the inquiry into gas supply reported that the forecast gas shortfall in south-eastern states is expected to reach a record high of 40 petajoules in the September quarter. The projected shortfall in the period is 3 petajoules higher than last forecast and twice as large as the shortfall in Q3 2024.
The source: Madeleine King statement
