One Nation leader Pauline Hanson has told a Labor MP point blank that the Albanese government’s signature gas reservation policy will “destroy the industry”.
Last month, the Albanese government locked in a 20 per cent east coast gas reserve in a major intervention into the domestic energy market.
The gas reserve will be aimed at preventing looming supply shortfalls and driving down prices for households and industry.
Under the scheme, gas companies will be forced to keep 20 per cent of gas exports for the domestic east coast market from July 1, 2027.
Labor MP Luke Gosling told the Future Townsville forum that the Albanese government did “appreciate the role” fossil fuels had in the energy mix.
However, Mr Gosling said transitioning away from fossil fuels was “sensible” when there were other forms of energy available.
“But we know the gas is going to be around for a while to come,” he said.
Ms Hanson turned to Mr Gosling and told him Labor was going to “destroy” the gas industry.
“You talk about having gas, but under your reservation policy, you’re going to destroy the gas industry,” Senator Hanson said.
Energy Minister Chris Bowen unveiled details of the long-awaited policy in early May, 12 months after then opposition leader Peter Dutton floated the idea.
“Today we can announce that we have settled on a model which we will seek to legislate through the Parliament,” Mr Bowen said at a press conference on Thursday.
“That model will involve 20 per cent of Australian gas exports being reserved for Australian use first.”
Mr Bowen admitted that the gas reserve would cause “modest oversupply” of gas into the domestic market.
The Albanese government appears to have copied the policy position released by Peter Dutton ahead of the 2025 election.
In his March 2025 budget reply, Mr Dutton unveiled the Coalition’s National Gas Plan, including a proposal for an east coast gas reservation.
At the time, Mr Dutton argued the “only way to drive down power prices quickly is to ramp up domestic gas production”.
Under the Coalition proposal, gas sold domestically would have been decoupled from international markets in an attempt to drive wholesale prices below $10 per gigajoule.