5 years ago
MALCOLM TURNBULL’S GAS CRISIS CONTINUES
THE HON MARK BUTLER MP
The latest report from the ACCC once again confirms that Malcolm Turnbull has failed to resolve Australia’s largest ever gas crisis.
The ACCC’s July 2018 Gas Inquiry Interim Report released today highlights the high prices still being paid by Australian industry, saying “gas users are still finding market conditions extremely challenging as gas prices remain at two to three times higher than historical levels.”
With ACCC Chair Rod Sims describing the gas market as “unsustainable”, his report highlights the impact of the ongoing gas crisis on Australian business, saying businesses are “facing difficult choices around their long-term investment decisions and long-term financial viability.”
The ACCC report highlights east coast gas prices are now in the $8 to $11/GJ range. Even the Resources Minister has conceded that these prices will cost jobs, last week admitting: "I accept that prices of $10 are a great threat to jobs and manufacturing; prices of $8 are also a threat to jobs and manufacturing."
Yet when Malcolm Turnbull had the chance to take real action to tackle the gas crisis and impose export controls, he instead chose an unenforceable handshake agreement with the big gas exporters.
The gas crisis isn’t over, Australian manufacturers are paying the cost, and workers will pay the price.
It’s time the Prime Minister admitted his handshake agreement didn’t solve his gas crisis, it just confirmed he’s always looking after the big end of town.
The ACCC’s July 2018 Gas Inquiry Interim Report released today highlights the high prices still being paid by Australian industry, saying “gas users are still finding market conditions extremely challenging as gas prices remain at two to three times higher than historical levels.”
With ACCC Chair Rod Sims describing the gas market as “unsustainable”, his report highlights the impact of the ongoing gas crisis on Australian business, saying businesses are “facing difficult choices around their long-term investment decisions and long-term financial viability.”
The ACCC report highlights east coast gas prices are now in the $8 to $11/GJ range. Even the Resources Minister has conceded that these prices will cost jobs, last week admitting: "I accept that prices of $10 are a great threat to jobs and manufacturing; prices of $8 are also a threat to jobs and manufacturing."
Yet when Malcolm Turnbull had the chance to take real action to tackle the gas crisis and impose export controls, he instead chose an unenforceable handshake agreement with the big gas exporters.
The gas crisis isn’t over, Australian manufacturers are paying the cost, and workers will pay the price.
It’s time the Prime Minister admitted his handshake agreement didn’t solve his gas crisis, it just confirmed he’s always looking after the big end of town.