have failed to placate industry anger over government plans for direct market intervention, the legislation for which will pass parliament on Thursday.
While manufacturers welcomed the impending relief, gas executives – who met Anthony Albanese, Treasurer Jim Chalmers and Resources Minister Madeleine King – stressed the interventionist measures would freeze investment in a critical transition fuel, and precipitate an energy crisis within two years, as is currently being experienced in Europe.
The industry said section 53V would grant expansive and enduring ministerial powers for direct intervention in the production, contracting, destination and pricing of gas. The measures will be tied together in a single bill in a bid to wedge the Opposition, which confirmed on Wednesday night it would oppose it on the grounds it was bad policy that would deter investment, harm supply and drive up prices.
“He said before the election he wasn’t about politics, he was about a new parliament and all the rest of it, and now we find out he wants to try and find political opportunity to wedge the Coalition. Energy Minister Chris Bowen said, “this is Australian gas, it’s beneath Australian soil” and while it was fair that it was sold at a profit, it was untenable for manufacturers and others to pay exorbitant war prices.Australian Industry Group chief executive Innes Willox reluctantly welcomed the imminent passage of the legislation.
This will prove to be a disaster for the gas industry and lead to higher prices or mass shortages.
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