The solution: How would a gas reservation policy work?
A gas reservation policy - or national gas reserve - means that a small portion of a nation’s gas is reserved for domestic use at an affordable price.
With a gas reservation policy, gas exporters would still be permitted to sell Australian gas to foreign nations at the high global price - but on the condition that a percentage of the gas extracted would have to be reserved for sale at an affordable domestic price.
Because Australia has such abundant gas reserves, only a relatively small percentage of Australian gas would have to be reserved to keep our gas prices affordable.
Currently, Australia is the only nation in the world allowing gas companies completely unrestricted access to natural gas reserves for export. All other major gas producing nations around the globe have some form of gas reservation policy or equivalent laws to ensure the national interest is served.