Thankfully, the Morrison government is back-pedalling on the resources nationalism that would add even more uncertainty and political risk to gas investment.
A new Morrison government discussion paper on gas reservation has flagged a sensible backflip on further meddling in the east coast gas industry. Domestic manufacturers have blamed Queensland’s massive LNG export expansion for diverting gas offshore and driving up the price for local buyers.
Under Malcolm Turnbull and Scott Morrison, a supposedly free-enterprise government has launched banana republic-style threats, including export controls, against an industry that previously enjoyed bipartisan praise for making Australia the world’s biggest LNG exporter and helping to power the rise of Asia’s middle class.
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The Australian Financial Review’s succinct take on the principles at stake in major domestic and global stories – and what policy makers should do about them.
