Manufacturers on the brink as calls grow to fix broken gas market | The Business | ABC NEWS
Australia’s biggest manufacturers have warned the nation’s “broken” east coast gas market could cost thousands of jobs and derail the government’s Future Made in Australia policy. In a speech to the National Press Club in Canberra, BlueScope Steel chief executive Mark Vassella warned Australia risks repeating the United Kingdom’s industrial decline if the federal government fails to fix the gas market. Mr Vassella, a member of Manufacturing Australia, is urging the federal government to adopt an east coast gas reservation policy and a $10-a-gigajoule price cap to guarantee affordable supply for domestic manufacturers. The industry group says reserving even one-third of current east coast production would be enough to meet domestic manufacturing and residential needs, while still allowing most gas to be exported. It says immediately reserving uncontracted gas would bring rapid relief for east coast manufacturers struggling with soaring energy costs.
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