Opposition Leader Peter Dutton has claimed the Coalition’s gas plan would have slashed costs by 15 per cent had it already been implemented as he promises cheaper prices by the end of the year with energy a key battleground in the Federal Election campaign.
Mr Dutton outlined the cost saving during an address to the Daily Telegraph’s Future Western Sydney summit in Blacktown on Friday.
His comments came after he last week unveiled the Coalition’s pledge to establish a National Gas Plan to help drive down energy costs as part of his budget reply.
The plan includes decoupling gas sold on the domestic market from overseas markets to “protect” Australia from international price shocks.
“By suffocating domestic gas supply, Labor has created gas shortfalls which has driven up the cost of gas and costs across the economy,” Mr Dutton said during his speech.
“But by ramping up domestic gas production, the Coalition will ensure that Australian gas is for Australians and it will see prices start to drop by the end of this year.
“Gas sold on the domestic market will be decoupled from overseas markets to protect Australians from international price shocks.
“For example, if this decoupling was in place as of February this year, I can announce today that gas prices would have been 15 per cent cheaper domestically.”
The National Gas Plan also includes a commitment to creating an east coast gas reserve.
The opposition’s plan aims to secure an additional 10 to 20 per cent of the east coast’s gas demand for domestic use, which would otherwise have been exported.
“Under our National Gas Plan, we will establish an east coast gas reservation, halve project approval times and bring new projects online,” Mr Dutton said.
“We will grow our domestic gas market, delivering cheaper power. And grow our export gas market, delivering increased revenue.”
The Opposition Leader said the “skyrocketing cost of energy” was at the centre of the nation’s “cost of living crisis”.
“The Prime Minister and Chris Bowen’s renewables only policy is a train wreck, and it’s been felt acutely in the budgets of every person in NSW and across the country,” he said.
“Power bills haven’t come down by $275 as was promised, rather Australians are paying now up to $1300 more than what had been promised.
“Gas prices are up by 38 per cent across NSW. And we know that some Sydney households, at an increasing rate, are signing up to hardship provisions with their energy providers.”
