Sometimes elections turn things topsy turvy. When it comes to gas, who would have thought Peter Dutton would be the one to say the quiet bit out loud?

The Opposition Leader has effectively acknowledged that, contrary to the industry’s constant claims, Australia doesn’t have a gas shortage. We simply allow multinational companies to export gas that we own without considering domestic needs.

Here are the facts.

Past governments let multinational gas companies build giant gas export terminals on Australia’s east coast and sell gas into global markets.

The gas companies assured government this would have no impact on domestic prices. As former ACCC boss Rod Sims observed some years ago they hoodwinked the government. Domestic gas prices tripled and electricity prices soared.

Most of the gas produced in eastern Australia is now locked up in contracts the gas giants made with overseas customers. But they sell far more gas overseas than they need to fulfill these contracts.

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© The New Daily