When the Federal Labor Government talks about the East Coast gas market, they're talking about Queensland gas.
Queensland currently contributes nearly 90 per cent of East Coast gas and is forecast to supply around 96 per cent over the next decade.
Recent AEMO data reveals the East Coast gas market is well supplied as evidenced by stable prices that are disconnected from global volatility.
No more significant information on the Federal Government's proposed regulatory intervention was learnt from today's meeting of national energy ministers and Queensland awaits further Federal Government details and industry consultation outcomes.
Today, I again expressed concern that Queensland's contribution to national energy security and resource development is being penalised under the current GST system, while States that restrict development are effectively rewarded.
I confirmed Queensland's continued commitment to affordability and reliability – first and foremost – as the foundation for a long-term sustainable energy system.
That means a pragmatic, market-led approach to investment – not rushing towards costly underwriting schemes that impact household bills.
Queensland's critical role in national energy security was also reaffirmed - calling for faster, streamlined federal approvals to support fuel security and a regulatory environment that encourages private investment - not undermines it.
