The measures announced by the government today are a step in the right direction to increase the supply of gas and drive down energy prices, Business Council Chief Executive Jennifer Westacott said.

“Australians feel the pressure of high gas prices in their homes and at the checkouts and we represent large employers struggling under high energy costs.

“Putting downward pressure on gas prices, providing reliable supply and keeping Australia globally competitive must be the priority. 

“The link between more supply and lower prices is clear. We welcome the federal government’s call for the states and territories to lift their unscientific moratoriums on gas reserves.

“Opening up supply on the east coast, particularly in Victoria and NSW, is critical to driving down domestic gas prices.

“However, we need to strike a balance. An interventionist approach is risky in terms of our attractiveness as an investment destination, so we are pleased to see the government will undertake a considered and detailed review process.

“Australia is the largest LNG producer in the world contributing an estimated $50 billion to the economy and thousands of Australian jobs. Any future reforms need to be considered in this context and we look forward to working constructively with the government.

“A more efficient gas market is a positive for consumers and Australian businesses as they try to compete on the world stage.”