Sign up for the Breaking News Australia email<\/a><\/p>\n In an address to the National Press Club on Wednesday, King said keeping gas affordable for households and businesses was a critical part of the scheme\u2019s primary focus. She expected the scheme would \u201cpush down\u201d gas prices without crashing the market.<\/p>\n \u201cWe expect the oversupply part of the reservation to put that modest oversupply into the system, which will push down those prices,\u201d she said.<\/p>\n \u201cSo we do expect to see that downward pressure on prices. It\u2019s a very important aspect of the whole scheme.<\/p>\n \u201cWe all know having too little gas to fuel renewables or provide for the manufacturing industry is as dangerous as having a massive oversupply, which crashes the market, but also it can undermine investment in renewables.<\/p>\n \u201cSo, it\u2019s a really fine balance that we\u2019ve got to achieve here.\u201d<\/p>\n The minister said gas was central to heating homes, keeping manufacturing industries running, processing critical minerals and rare earths domestically, and supporting the rollout of renewables.<\/p>\n When asked whether she had a timeline to phase out Australia\u2019s reliance on gas, King said it would continue to play an important role unless a viable replacement was found.<\/p>\n \u201cThe truth is, it\u2019s hard to establish a date because we don\u2019t yet have the replacement for some of the industries that will that need it,\u201d she said.<\/p>\n \u201cRight now, there is no replacement for gas. I am totally supportive of any kind of research or development that finds a replacement, whether it\u2019s just in lower emissions or alternative. But right now, and for the foreseeable future, that does not exist.\u201d<\/p>\n The shadow resources minister, Susan McDonald, said \u201cnumerous questions\u201d remained over the design and viability of the scheme.<\/p>\n McDonald didn\u2019t identify particular concerns but said the bill\u2019s greatest risk was the \u201ccapitulation of Labor to pressure from the Greens political party and noisy activists\u201d.<\/p>\n \u201cIt is now up to Labor to choose whether to work constructively with the Coalition, for the best interests of Australia, or kowtow to the Greens and their anti-gas, anti-Australian ideology,\u201d she said.<\/p>\n The shadow industry minister, Andrew Hastie, didn\u2019t explicitly support or reject the proposal, telling News24 that there had been a \u201cvery short consultation period\u201d.<\/p>\n \u201cWe don\u2019t want to see price controls, we want to see existing schemes honoured, and we want to see more investment,\u201d he said.<\/p>\n
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