17% of gas output in Queensland is owned by Chinese companies and Member for Kennedy Bob Katter says the time has come for Federal Parliament to act.
“We will be moving yet again in the Parliament for a Reserve Resource Policy. The producers can give 0.5 percent of their production to Australia, that’s not going to kill ‘em.”
Mr Katter says that most of the gas industry in Australia is owned by overseas companies and that gas is quadrupling in price.
“Causing immense suffering from household budgets and hip pockets to mineral processing and steel manufacturing, fertilizer to even peanut processing.”
A Domestic Reserve Resource Policy aims at securing Australia’s long-term energy needs by ensuring that we have access to domestic gas supplies.
Western Australia has a Domestic Gas Reservation Policy which makes available domestic gas equivalent to 15% of LNG production from each LNG export project.
Mr Katter says reserving our existing supplies will protect manufacturers and householders from skyrocketing prices that are imminent without the implementation of a gas reserve policy.
“Gas prices threaten the entire existence of industry in Australia. How are companies going to adjust to the 200 per cent rise in electricity charges in the last 10 years since corporatisation/privatisation and now on top of this a potential 400 per cent increase in gas prices?”
“A Reserve Resource Policy enabled Queensland to deliver the cheapest electricity in the world, which in turn helped to secure the aluminium industry.”