Next week's federal budget will include $58.6 million worth of new measures to drive the government's gas-fired recovery strategy.
The funding, to be announced by Energy Minister Angus Taylor on Friday, is designed to unlock supply through critical infrastructure to ensure households and job-creating industries can access gas at a competitive price.
The $58.6 million worth of new measures including:
- The release of the National Gas Infrastructure Plan: Interim Report.
- $38.7 million for targeted support of critical gas infrastructure projects to alleviate the forecast gas supply shortfall.
- $3.5 million to design and implement the Future Gas Infrastructure Investment Framework to support the Commonwealth's consideration of medium to long-term critical gas projects identified by future National Gas Infrastructure Plans (NGIP).
- $5.6 million to strengthen the Government's energy system planning framework by delivering a further NGIP in 2022.
- $4.6 million to develop initiatives that empower gas-reliant businesses to negotiate competitive contract outcomes, including developing a voluntary standardised contract framework.
- $6.2 million to continue work to accelerate the development of the Wallumbilla Gas Supply Hub in Queensland.
Mr Taylor said additional gas supply must be supplied to consumers at the right price, with infrastructure being key to delivery.
"Gas is a critical enabler of Australia's economy and helps to support our manufacturing sector that employs over 900,000 Australians," Minister Taylor said.
"Our National Gas Infrastructure Plan: Interim Report demonstrates the importance of infrastructure to overcoming the forecast gas shortfall.
"The Government will not sit back and allow the shortfall to eventuate - the risk to the economy is too great. Without action to address supply, industry and households will be faced with higher prices, disruptions in supply and unplanned outages."
