XINHUA – Exporting most of Australia’s gas has led to higher prices for Australian households and businesses, said the Australia Institute, which applauds the government’s recent commitment to prioritising supply to the domestic market.
“The more gas they export, the faster Australia’s gas reserves run out, the higher the energy bills for Australian households and businesses,” said Executive Director at the Australia Institut Richard Denniss.
“There is a simple, obvious, fool-proof way to ensure a sufficient gas supply and low prices for Australians, and that is to cap exports,” Denniss said.
Australia is one of the largest exporters of gas in the world. There is no shortage of gas in Australia, as highlighted in the government’s recent statements, according to the Australia Institute.
Multinational gas export corporations already export 80 per cent of Australia’s gas and control almost all of Australia’s gas reserves, it said, adding that gas exports are hurting Australians.
“Predominantly foreign-owned gas corporations export 80 percent of Australia’s gas. This includes 70 per cent of gas from the eastern states, 90 per cent of gas on the west coast and almost 100 per cent of gas from the Northern Territory,” the institute said.
“These companies receive 56 per cent of the gas they export royalty-free and have never paid Petroleum Resource Rent Tax,” it said.
