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Future Gas Strategy

The Future Gas Strategy was released on 9 May. Gas continues to be important to Australia through the energy transition with natural gas currently meeting 27% of our energy needs and nearly 20% of export income. The Minister for Resources, Madeleine King, highlights in the document that gas is a transition fuel that is required until renewable alternatives are viable. She also highlights the need for greenhouse gas emissions associated with gas to decline, abated or offset. In line with this the Strategy anticipates that demand for gas may increase until alternative energy sources are available but by 2050 demand is expected to be significantly reduced. 

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Victorian and Western Australian State Budgets

In recent weeks we’ve seen both the Victorian and Western Australian Governments deliver budgets for their State. Both have included significant investments in the energy and resources sector. 

In Victoria, the budget has signalled the importance of the mineral industry to regional development. Victorian mines directly contribute $510 million into the state economy in 2020-21.

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A gas-led recovery is on the way

The COVID-19 pandemic hit the Australian economy hard. In the March and June quarters of 2020, GDP plunged 7.3%, placing the country into recession. While the economy has since partially rebounded, the government has developed a long term plan for a gas-fired recovery.
The economic benefits could be significant. A recent Ernst & Young report found that the oil and gas industry could boost the economy by over $350 billion and create 220,000 new jobs over the next 20 years if key projects are supported.
This will be delivered across three key areas. Of the measures outlined, some are well on the way with others yet to come.