The government has established a new Heads of Agreement (HoA) with Australia’s east coast gas exporters, for the supply of competitively priced gas to the domestic market.
The new agreement is in place until 1 January 2026.
The new HoA will improve the security, affordability and transparency of domestic gas supplies for householders and businesses in future years.
Through the HoA the government has also secured supply commitments to boost domestic gas supply over the coming year. These commitments will avoid a forecast domestic gas supply shortfall.
In July, the Australian Competition and Consumer Commission (ACCC) forecast a gas shortfall of 56 petajoules (PJ) for the domestic market in 2023.
Minister King said the new commitments from LNG exporters would lead to an extra 157 PJ for the domestic market in 2023.