ARELJ Article- Managing water resources in times of fracking: Regulation and reform in Western Australia

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.
 

Proposed changes to offshore oil and gas decommissioning framework

In December, the Department of Industry, Science, Energy and Resources released its consultation paper on enhancing Australia’s offshore oil and gas decommissioning framework.

Government support for a gas-led COVID-19 recovery

Prime Minister Scott Morrison recently announced a gas-led recovery to the economic recession brought on by the COVID-19 pandemic. A key part of the government’s JobMaker plan, the government expects the industry to create over 4,000 jobs.