The latest Gas Statement of Opportunities (GSOO) confirms Australia’s east coast gas market remains well supplied in the near term but makes clear that ongoing investment in new gas supply is critical to avoid shortfalls from 2030.
Australian Energy Producers Chief Executive Samantha McCulloch said the improved outlook reinforces the importance of stable and competitive policy and tax settings, warning that imposing higher taxes on the gas industry would undermine investment and future supply.
“Imposing punitive and retrospective new taxes on the gas industry would stop investment in new gas supply at exactly the time it is needed most,” Ms McCulloch said.
“That means less gas, tighter markets, higher energy prices and more cost-of-living pressure on Australian households, businesses and manufacturers. It would also put Australian jobs and industries at risk by undermining the reliable and affordable energy they depend on.
“While global gas prices have surged Australian gas prices remain stable and comparatively low — highlighting the strategic advantage Australia enjoys as a result of its abundant gas resources.”
Ms McCulloch said the improved supply outlook means Australian governments and industry have time to work together to ensure the east coast reservation policy is properly designed and supports a competitive gas market with increased investment certainty.
“At a time of unprecedented volatility and disruptions in global oil and gas markets, the focus must be on encouraging investment in new gas supply — not introducing new taxes that will deter investment and leave Australia exposed to future energy shocks,” she said.
“The GSOO makes clear that without continued investment in new supply, Australia risks avoidable shortfalls and higher prices in the year ahead.
“Now more than ever, stable and competitive policy and tax settings are essential to unlocking that investment and securing reliable and affordable energy for Australians.”
