Gas giants were given ample notice of a mandatory code of conduct governing contract negotiations, and were lucky not to have been hit with a super profits tax, the Albanese government said, as it hit back at claims the industry had been ambushed.

Amid unprecedented anger from the gas sector over the proposal, which would empower the consumer watchdog to permanently ensure that domestic gas was sold at a “reasonable price”, Anthony Albanese and Treasurer Jim Chalmers said the industry had been consulted on the change, and would have further input on the detail to ensure they still made decent profits.