Gas producers would be hit with financial penalties if they refused to divert more uncontracted gas to the domestic market, the Coalition has confirmed, but consumers will not be given a precise estimate as to how much energy prices may fall under the policy.

At the same time, Prime Minister Anthony Albanese finally abandoned the promise he made on the cusp of the last election three years ago when Labor’s modelling for its energy prices predicted the average power bill would drop by $275 a year by 2025.