BlueScope Steel Chief Executive Mark Vassella has confirmed what The Australia Institute has said for years, that our governments have put the interests of foreign owned gas exporters ahead of Australians.

Australia Institute research shows gas exports have caused east coast gas prices to triple and electricity prices to double, causing the decimating Australian manufacturing businesses. The government could solve this tomorrow by forcing gas companies to supply Australians rather than exporting uncontracted gas to the global spot market

Mr Vasella has called out the gas export industry for its spurious claims of  “sovereign risk” at every suggestion of prioritising Australians instead of gas exports. He rightly identifies the real sovereign risk issue is the sovereign risk to Australian manufacturing caused by excessive gas exports driving up energy prices.

Australia Institute research shows that new gas projects will not solve the problem, and that the gas crisis could be solved immediately simply by diverting gas exports to Australians.

Mr Vassella also agreed with the Australia Institute and the ACCC that the Government’s tepid policies including the Gas Code, Heads of Agreements and Australian Domestic Gas Security Mechanism (ADGSM) have completely failed.

The Government has nowhere left to hide. Its decade of policy failure and letting foreign owned gas corporates trample the interests of Australians is on full view. It will finally have to prioritise the interests of Australians over gas industry profits. 

“The best solution is for the government to implement the ACTU’s policy of a 25% tax on gas exports. This would immediately ensure sufficient gas was supplied to Australians at reasonable prices and that Australians get a fairer return for the exploitation of our gas resources, raising around $12.5 billion annually for better health, education, and housing.