Chris Bowen’s acknowledgement that Australia exports a lot of gas brings Labor into line with what everyone has long known – Australia does not have a gas shortage.

It means none of the Liberals, Labor, Nationals, Greens, One Nation and Independents believe the multi-national gas exporters’ claim that there is a shortage of gas in Australia.

“People say we have plenty of gas in Australia and that is true, a lot gets exported,” said Chris Bowen, Federal Energy Minister during a debate at the National Press Club.

Peter Dutton has already acknowledged Australia has an abundance of gas, and his idea to tax gas exports to ensure our gas flows first to Australian businesses and households is a good idea.

“It is ridiculous to say we have a gas shortage in Australia when we export so much of it,” said Richard Denniss, Executive Director of The Australia Institute.

“Our research shows we are giving away more than half the gas we export for free, with zero royalties paid on 56 per cent of all the gas we sell overseas.

“It is good to see agreement across the political spectrum on this issue.

“There is also no need for new gas or coal projects in Australia, there is gas there now.”

Nationals Leader David Littleproud is in Bathurst, NSW, with more on the Regional Australia Future Fund policy, announced this morning:

Finally there will be no more funding gaps for regional Australia. When not going to have to fight over the scraps year after year to get the bit extra to make sure that we have the amenity of life that people in capital cities take for granted. We produce around $350 million worth of Australian exports, and what I’m saying today is we want a bit of that back. We want a bit of that back to give a legacy and a continual investment in regional Australia so we continue to do that for Australia. I don’t think we are asking for a lot but this is transformational. This is a legacy piece that I’m proud to have worked with Peter Dutton on to make sure that regional Australia is no longer left behind.

Tod O’Brien is asked if the coalition loses the election “would you and your advocacy for nuclear power take that as a rejection by the Australian people of nuclear energy? “

O’BRIEN:

We’re looking at pouring more gas in the short term and introducing nuclear in the near term not because we are driven by polls but because, hand on heart, that’s in our national interest. It’s the right thing to do. It is why other countries all around the world are now introducing nuclear energy. It’s in Australia’s interest. And, therefore, we have no intention of changing our view on that.

FOLLOW-UP:

If everything gets kicked back for three years. Would it be too late at that point?

O’BRIEN:

I don’t want to attempt the suggestion that we should be delaying action here. Australia is already behind the eight ball when it comes to zero emissions nuclear energy. The sooner we get going, the better. We have to remember, even though nuclear will take a good decade before it comes online, even so, it has proven around the world to be the fastest way to decarbonise electricity grids, faster than any other form of technology through the historical examples. So we can’t delay, we need to get on with it.

Question to Chris Bowen from the ABC’s Tom Lowery.

QUESTION:

The idea of an east coast gas reservation scheme does have a few friends on the progressive side of politics. The Australian Institute has backed the Coalition’s idea, surprising friends for Mr O’Brien. Mr (Senator David) Pocock has advocated for something similar. The Greens have made similar noises. Can you rule out considering an east coast reservation scheme should you be re-elected?

BOWEN:

Thanks Tom, because what we’ve done is I think the closest thing we have to reservation is our policy. The gas code of conduct the opposition oppose. That’s what seen 640 petajoules of gas supply added domestically. The closest thing we have to reservation, not technically a reservation. I think it’s a close thing. My view of Mr O’Brien is offering, based on evidence on the document he released yesterday, an incentive, (is that it is) not a reservation at all. I think the principle there should be enough Australian gas for Australian users is sound. That’s why have taken the decision to introduce the gas code of conduct. It wasn’t easy. It was controversial. Opposition opposef it and Greens are opposed. But we managed to get it through and it has seen 640 petajoules. I think that’s appropriate. But we do need to ensure the right amount of gas for Australian industrial users, in particular, as well as electricity. Industry is what really drives the need and that’s a good thing. So my answer to that would be, in effect, we have tackled that problem with the gas code of conduct.

It’s a long one, too.

BOWEN:

My question to you, Ted, you and I, I think we would both agree that there are people who know plenty about the energy system in Australia and you and I have learnt a lot but there are plenty of people who have devoted their lives to the economics of the energy system, whether that is the CSIRO, the people who keep our lights on at AEMO or even people like will go to promote nuclear overseas potatoes not the right answer for Australia. All the executive director of the International Energy Agency who says nuclear hazard is in the world but not in Australia all of them agree that renewable energy backed by gas and arteries is the cheapest option for Australia’s unique reads and our opportunities. Nuclear is too expensive. My question is why do you know better? If you are in government would you only talk to people you agree with and what will you do with the experts to tell you that you are wrong?

O’BRIEN:

What I would do is different from how you have managed the energy system is I would be led by the engineering and the economics approach you’ve taken. We would actually do the work and do the economics. We wouldn’t have Peter Dutton out there trying to say we want to have an industrial revolution, we would have Angus Taylor as a treasurer saying he is obsessed with a particular technology, and I can assure you, unlike you, I wouldn’t be saying I’m making decisions on my gut. In terms of who knows best, there are a lot of people who know a lot of things about energy and those who are prepared to do the work to the sums are the ones to whom we listen. A total system cost analysis has been done comparing Labor’s plan to the Coalition’s plan. That comparison shows the Coalition’s plan is 44% cheaper than Labor’s plan. When it comes to what we should look at and consider, you see the engineering and the economics. When it comes to Chris’s comments, you talk about why do you know better? Well, the conclusion Frontier Economics reached on looking at nuclear working with renewable and gas being 44% cheaper, that is comparable to the United States Department of Energy, 37% put nuclear end. When I sat down with a Japanese department, looking at their details, they say nuclear in the mix brings prices down. Ontario Canada brings prices down. What is it that Anthony Albanese and you know that the United States doesn’t know, Canada doesn’t know, Japan doesn’t know, the United Arab Emirates doesn’t know, India, China, seriously. We have 32 countries in the world today using nuclear energy, another 50 looking at adopting it for the very first time, why? It can work in a complementary way with renewables and with gas and get prices down.

Well, it starts with a sermon.

O’BRIEN:

Why don’t I ask that question. So it is even clear to the Australian people. We know, Minister, that you committed to reduce power bills by $275 and I think we both know that has been a failure. You now say, by bringing out a whole bunch of folders that you have done the work, or at least the market operator has done the work but no matter how many times I have asked you in this debate so far, you still cannot tell us the real cost through to 2050. Not the MPV, the real cost. Now, if you look at the spreadsheets and do the calculation, it is well over 600 million dollars. My question to you there for, again, is can you please tell the Australian people the total system cost of your plan to get the national electricity market to net zero by 2050. In real terms?

BOWEN:

You mentioned that I refer to holding the documents and I have and I make no apologies for that because that is the framework we are basing our policies on. And I make no apologies for pointing out that AEMO says the most accurate way and the best way of describing the least cost path way to net zero and particularly in our electricity system is in that 122 billion value. You can dismiss that. You cherry pick the figures as you wish to promote them and that is your choice. The experts say it is the best way.

Greg Jericho

Ted O’Brien rightly says emissions have not fallen since the 2022 election.

But he keeps saying that emission have fallen 29% since 2005 levels.

Alas that counts land use – with is exaggerated because of massive land clearing in 2005.

If we count actual emissions, bugger all has happened since 2005.

It’s just been debated for five minutes and, I’m sorry, I can only conclude it’s something between 100 billion and 600 billion. Give or take half a trillion or so.

I’ve listened back. And re-read the transcript.

Thank God it’s an imaginary policy with no chance of getting up anyway.

If you were hoping this debate would deliver clear answers to the big questions, may I suggest switching over to Peppa Pig?

Greg Jericho

Chris Bowen is suggesting that the LNP’s gas reservation policy is not a reservation but merely an incentive to provide gas for domestic users.

Well yes, but the whole point is the LNP’s policy will tax gas exports at such a price that would not make it worthwhile to export the gas until the volume for the reservation has been met.

So it is an incentive, but an incentive that ensures there is no incentive to export until the gas reservation has been met.

How many times do we have to say this?

Australia doesn’t have a gas shortage. We have more than enough to supply our needs over and over and over …

The trouble is, we let foreign gas companies export 80% of our gas – more than half of it royalty-free.

QUESTION:

If you’re going to fix a problem you have to diagnose it. Do we have a gas shortage in your view?

CHRIS BOWEN:

We have an issue with domestic gas supply, yes. People say we have plenty of gas in Australia and that is true. A lot gets exported. Those contracts were written 20 years ago, foundational contracts, I’m not going to, I imagine Mr O’Brien work rip them up. That would be unconstitutional for a start and highly irresponsible, what we do need to do is work with the gas companies to get more gas flowing drastically. I think we would agree with that. That’s what we’ve done. That’s why I don’t understand Mr O’Brien’s point that somehow 100 Peta Jules would fix the problem when we, working together have got 640 extra gas supply guaranteed to domestic market your policy focuses on the three exporters in Queensland.