Prime Minister Scott Morrison has again pitched a gas-led recovery by bolstering gas supplies:
The Prime Minister unveiled a plan on Tuesday to shore up Australia’s gas supply and slash power prices during a speech near Newcastle.
A $52.9 million package will be included in the Federal Government’s October Budget to unlock supply at new and existing gas fields in five key basins.
A National Gas Infrastructure Plan will also be developed by February to identify priority infrastructure projects, with the Government warning that if the private sector does not invest, it will intervene by underwriting or streamlining approvals…
Under the Morrison Government’s plan, new gas supply targets with states and territories, and three east coast LNG exporters, will also be established.
$52.9 million amounts to three-fifths of f$#k all in the grand scheme of things.
Nor will the Government’s proposed solution of increased supply lower prices. Instead, it will lift prices from here. All new gas supply is too expensive to make a difference or is within the cartel.
Broad-based domestic reservation is deployed worldwide (including Western Australia) to prevent all of these problems. It is the only solution.