Today's latest Gas Statement of Opportunity Outlook from the Australian Energy Market Operator (AEMO) paints a sobering picture about the urgent need to invest in gas in the country, while the Middle East conflict continues to put pressure on global energy supply.
The Outlook notes the critical and ongoing role for gas generation and specifically mentions "…gas production from legacy fields in southern states are forecast to decline by 46% over the next five years. This will require new investments to address emerging supply gaps from 2030 under most weather conditions."
But despite the urgency noted by the regulator in progressing significant projects, it is unclear what Labor is doing to develop new gas - particularly in the southern states like Victoria - where the problem is increasingly acute.
Under the Albanese Government, there's been no planning for new pipeline gas infrastructure, essential storage, or faster approvals processes for existing exploration projects to get them off the ground quicker for Australian families and businesses.
Shadow Resources Minister Susan McDonald urged the need to drill baby, drill to drive more energy security at the national level - while boosting jobs and economic growth.
"Labor has had years to increase supply and bolster domestic infrastructure but there remains a looming shortfall, when we have an abundance of gas in Australia."
"Even AEMO's advice notes the looming gas shortfall would be sooner if not for the extension of existing coal generation, underscoring how important both new gas supply and existing reliable generation is to Australia."
"Australia needs policies that signal confidence to investors, and we don't see that under Labor - instead businesses look to places like Alaska because of attractive policy settings."
"In the last four years, the Labor government have delayed and deferred release of offshore acreage, and conditions have been slapped on what has been released - such as no seismic."
Since 2022, Labor has released only one new acreage for gas exploration in December 2025, despite both AEMO and the ACCC warning of gas shortfalls for the duration that Labor has been in government.
When the Coalition was in government, we released new gas acreage on an annual basis, because we understand the criticality of gas to Australia's energy security.
Labor's only solution is looking at import terminals - a catastrophic idea that would make Australia even more dependent on international supply chains.
Shadow Energy Minister Dan Tehan said the Outlook shockingly suggested if gas runs out, Australia would be required to rely on fuels, 'in extreme gas shortfall conditions, prudent use of secondary fuels to operate gas power generation… may reduce peak day gas shortfall risks without increasing risks to electricity reliability.'
"The AEMO report pushes out the east coast gas shortfall by 12 months because of the decisions of the New South Wales and Queensland governments to extend coal generated electricity in their states."
"New investment in supply and infrastructure must be locked in before the projected gas shortfall or the eastern states risk an earlier supply gap.
"The Middle East conflict tells us we need energy sovereignty and less reliance on global supply chains and we're already seeing what fuel dependence looks like as petrol stations run dry across the country.
"Instead of progress on critical gas infrastructure, under Labor Australian businesses and investors have seen the introduction of changes and uncertainty around consultation standards under the EPBC legislation."
