During my opening remarks I noted that despite some sobering messages from our Wood Mackenzie study on Australia’s investment competitiveness, there is cause for optimism.
This week has demonstrated why.
We’ve had the welcome announcement from the Queensland Government that it’s releasing nine new areas for future gas exploration to boost future supply.
The Minister said: Queensland is open for business.
Yesterday, Minister Murray Watt announced the conditional approval of Woodside Energy’s North West Shelf extension – a critical project for Western Australia’s long-term energy security and economic growth.
I commend the Minister for backing this vital project, and being guided by science and evidence.
On the opening morning of the conference, we heard from Resources Minister Madeleine King who recommitted to implementing the Government’s Future Gas Strategy, including the much-needed reforms to clarify consultation requirements for offshore projects.
And, importantly, the Minister acknowledged the enormous economic benefits that Australia’s LNG investment and trade continues to deliver for our nation, observing that ”Every Australian receives a dividend from our energy exports.”
And I acknowledge Senator McDonald and the Coalition’s commitments during the election campaign to also back the North West Shelf extension and the coalitions continued support for our industry.
As the Prime Minister said earlier in the week, the energy transition cannot happen without security of energy supply, “because you will lose community support if people flick on the switch and the lights don’t go on.”
Or as Minister King put it, “You can’t get a transition through warm thoughts”.
The fact is that Australia needs the reliable and affordable energy that natural gas delivers.
And that will require continued investment in gas exploration and development.
I remarked at the start of the conference that Queensland’s gas industry is testament to what can be achieved when government and industry work together.
And the Queensland Government continues to build on that legacy.
It was encouraging to hear Queensland Treasurer David Janetzki tell our conference that at the heart of his government’s aspiration on energy generation is a simple principle – more.
“We need more supply to meet future demand and put downward pressure on power prices.”
And we also heard this morning from Northern Territory Chief Minister Lia Finocchiaro about her government’s commitment to speed up approvals to unlock more gas supply in the Territory.
The Western Australian and South Australian Governments are also backing the role of gas in their economic and energy security.
We just need this sentiment to spread to Victoria and NSW.
I think Kevin Gallagher would agree.
We chose this year’s conference theme: The Energy Edge, to highlight the opportunity for Australia to harness its competitive strengths amid the global energy transformation.
Our abundant gas reserves, our innovation, and our proximity to fast growing markets mean we are ideally placed to remain an energy powerhouse.
To quote former Australian Ambassador to the United States Joe Hockey’s advice to our industry on what our message to government should be:
“Give us certainty and stability, and we can do the job. We can give Australians cheaper energy. We can give people in the world greater opportunity… [and] We can make Australia richer.”
I could not agree more.
And, judging by the extraordinary work that our industry is leading and that has been showcased here this week – in the plenary sessions, the technical presentations, the conversations on the exhibition floor – I am confident that our industry is well placed to harness our energy edge.
