Police investigate money laundering by Chinese criminal syndicate in Victoria, NSW; Chris Bowen, energy ministers agree on new plan

Resources Minister Madeleine King says Australia’s domestic gas security mechanism will be expanded and improved.

The mechanism has been in existence since 2017 and will expire on January 1, 2023. It aims to provide sufficient natural gas for domestic needs in Australia at times when resource is scarce. It can do that by imposing an export limit on the country’s liquefied national gas projects or by allowing them to find new gas sources.

“We decided today as a cabinet to ensure that this mechanism remains a government tool to ensure the future gas supply in this country,” King said.

Resources Secretary Madeleine King with Governor General David Hurley.Credit:Alex Ellinghausen

“We will act as soon as possible and ensure that the gas security mechanism for domestic suppliers is renewed through regulation as soon as possible.

“At the same time, we will urgently review the domestic gas security mechanism to make it really work… Right now it’s a long and complicated, complicated, ineffective mechanism that takes a very long time to deliver results.

“We are determined to change that, and we are committed to ensuring that this mechanism, as well as the other tools at our disposal, are all on the table so that we can ensure that gas supply is suitable, adequate and affordable for Australians. through the whole country.”

Energy Minister Chris Bowen said the Australian Energy Market Operator’s (AEMO) gas reserves would not be available to alleviate current problems but would prove invaluable in the future.

He said AEMO would be responsible for purchasing the gas and storing it. Although it is located in southeastern Australia, any gas introduced into the system would lower prices everywhere, he said, promoting its benefit across the country.

“We can’t buy and store gas overnight,” Bowen said.

“That’s true. There are some regulatory changes [that need to happen before it can be purchased]† But if we had this capacity last week, it would have helped.”

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