Federal Government's Gas Strategy Universally Panned | Polly Hemming on ABC News

Whatever Tuesday's budget says about gas, "The idea that we're not already significantly subsidising this industry is just completely untrue," said Polly Hemming, talking to ABC News.
[Originally aired 11 May 2024]
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[@keepitreal2902]

The ONLY benefit Australia once had from its gas was a cheap supply of gas for domestic consumption. Those days a long gone, as we pay more for gas now than gas starved Europe. This owes to our successive governments gutlessness in refusing to create a gas reservation policy. Since we get NO benefits from gas, we should either tax them more and reserve our gas for ourselves or close the industry entirely.

[@jinnantonix4570]

We get plenty of benefit from gas. Last year the industry paid $13B in taxes and royalties. The world needs gas for peakers, transport and making products like fertilizers. We wont be shutting down gas extraction.

[@lukeclifton4392]

@@jinnantonix4570Just the top 5 gas companies in Australia alone… Made over $78billion in profit, which is quite probably an understatement of creative accounting. If they were taxed $13b, that is a tax rate of ~16%!!! If that $13b was taxes for the entire Australian gas industry (not just the top 5), then the tax rate is even lower. Hardly fare for Australians.

[@keepitreal2902]

@@jinnantonix4570 The PRRT revenue for 2022-23 is estimated to be around $2.4 billion, not the 13B you claim. Work for the gas industry do we? 🤣

[@pibble9207]

@@jinnantonix4570 We shouldn’t shutdown gas extraction but Australian gas should help Australians first, this is non-negotiable

[@jinnantonix4570]

@@lukeclifton4392 that $76M profits is BEFORE these companies offset against their investment into infrastructure development, which provides jobs and so income tax revenue. If you include that, it is very fair. Even if you still think it is not fair, we are not in a position to thumb our nose at the tax revenue as if it was nothing.

[@stephenpritchard4949]

Thank you, Polly Hemming, for spelling out this out. It is so important that the folly of governments continuing to support the gas industry is called out. Thanks to The Australia Institute for your good work!

[@jordymaas565]

the mob that demanded NSW farmers cough up for dust dumped on ACT during drought 2002 etc. get fkn real.

[@elgalloazul]

It is thoughtful and considerate of the Australian Government to consider the future needs of the battling gas-extraction industry, as the worldwide demand for hydrocarbons dwindles as the more advanced countries are able to find alternatives to setting fire to stuff, which has been our only option of scavenging some useful energy over the last 300,000 years or so. Unfortunately, rather than merely finding alternative production streams for existing gas wells, I have heard that these companies also intend to build new wells if they can get away with it, which in these days of progressively depleted conventional extraction wells, means their only option in their desperation is unconventional extraction, which in the Northern Territory would comprise "hydraulic fracturing", and that a large proportion of the gas would be exported so that other countries could set fire to it. We (humans) have now learned that it's past time to stop setting fire to stuff, so only vested interests acting against the public interest, and with more self-interest than consideration for our descendants, would be interested in seeing if they can get away with it. I;d rather that Australian government commit to no new fossil fuel projects in Australia, and not to prolong the demise of those already existing, as would nearly everybody else - just not those vested interests. I would argue that this is yet another good reason to upgrade to genuine democracy instead of continuing to make do with a triennial electoral oligarchy.

[@Tasmantor]

Australians are very brave so once there literally no bigger countries to suck off we'll be ready to talk about maybe a better form of democracy. As long as those in power are okay with the chat.

[@jinnantonix4570]

Demand for gas is rising globally, primarily for gas peakers to backup intermittent renewables, but also for transport systems, and as a base product for fertilizer, steel, medical equipment, and chemicals. We won't be shutting down gas extraction or export.

[@elgalloazul]

@@jinnantonix4570 I know. I imagine that you live somewhere where the climate is a bit more like our (most residents of Australia) home country. I live in the Australian tropics, because it is warm and not cold, but I don't want it to get any warmer (like it has been for the last 10 - 15 years). I don't sit in the airconditioning all day like most people who live here. 🤷‍♂

[@jinnantonix4570]

@@elgalloazul reducing emissions by ending coal burning, and transitioning to renewables is exactly why we need more gas. The government has explained all this is their policy presentation, but the Australia Institute is not interested in facts.

[@Maxindifference]

What’s wrong with fossil fuels?

[@andrewthomas695]

I don't know why anyone would ever want to lead us as a politician. No matter what they do, we complain, all the while doing nothing to help anyone but ourselves. Maybe we are merely getting what we deserve?

[@emceeboogieboots1608]

This is the problem. They are not leading us at all. They are weak and make knee jerk decisions on propaganda from business lobbying. Everyone now is outraged at the exploitation of our resources and low revenues to Australians. But many were fooled into rejecting the resources super tax, because BHP and Rio would apparently dump Australia and their $20 per tonne costs for iron ore mining and move their money to Guinea or DRC instead Most people have no interest in understanding how things work, just pick a political narrative and follow everything those talking heads vomit up It's kind of disheartening

[@spikeprotein5924]

Tell ‘em Polly.

[@midnightspares]

I’d say the Albanese government released this policy now to reassure business because the government is 6 months out from election day. Early to mid November 2024.

[@deanmanly7622]

Our resource being sold off...this is our future.

[@jussssig]

Presenter cuts her off pretty quick at 4:06.. doesn't want discussion on who is using our gas and how to reduce use?

[@AussieZeKieL]

Gas demand dropping is a good thing, it’ll make gas cheaper for everyone. Of course some people want artificially high prices for the consumer.

[@--Nath--]

They just commit more of it for export.

[@NathanCroucher]

there called cartels for a reason

[@jinnantonix4570]

Global natural gas demand is set to rise 34% by 2050. A primary reason it is rising is because of the use of gas to backup intermittent renewables.

[@NathanCroucher]

@@jinnantonix4570 where you get that from, the gas ads on TV, Sky, or just making stuff up?

[@jinnantonix4570]

@@NathanCroucher asked Bing copilot "Will natural gas trade increase by 2050?" Answer: Certainly! According to the Global Gas Outlook 2050 by the Gas Exporting Countries Forum (GECF), there is an optimistic projection for natural gas trade. Here are some key points: Surge in Natural Gas Trade: The report reveals a significant surge in global natural gas trade, expected to account for over one-third of global gas demand by 2050. This growth is driven by both liquefied natural gas (LNG) and long-distance pipeline trade. LNG Trade Expansion: LNG trade is set to more than double by 2050, surpassing long-distance pipeline trade. This expansion enhances integration, flexibility, and efficiency in natural gas markets. Global Demand Increase: The GECF predicts that global demand for natural gas will rise by 34% by 2050. This means an increase from 4.02 trillion cubic meters (tcm) in 2022 to 5.36 tcm in 2050. Asia-Pacific Contribution: During the forecast period, the Asia-Pacific region alone is expected to contribute to 52% of the global net demand increase for natural gas. Long-Term Outlook: While gas demand is projected to decline slightly from 2035 to 2050, it remains the strongest-growing fossil fuel, peaking in 2037 and continuing to play a crucial role in the global energy mix

[@EddieGNAR]

Could we please use the term 'fossil gas'? The word 'gas' includes air, water vapor, and every other gaseous substance in existence. The fossil fuel industry does not have exclusive rights to the term 'gas'.

[@Nathan-hb3pu]

Why did they take the last video down

[@tomglenn485]

At some point it will dawn on people that gas doesn't fall from the sky for free every day. The last time I looked Japans planned offshore wind for 2030 was %130 of the current (2022) electricity generation..... there's hope.

[@alanrainey5022]

What about Orica? They need gas to operate, or they will be another company moving overseas, leaving more Australians looking for jobs. ?????

[@Tasmantor]

If 80% of the gas is getting exported and your concern is one user then you too should want to limit (if not end) export. Then there'd be so much gas already tapped that your pet user could run here for a thousand years.

[@nottenvironmental6208]

Polly clearly said 80% of domestic gas is used by the gas industry to export. Australia makes virtually nothing from gas exports so just stop it!

[@frednedgold4636]

people need access cheap reliable energy for all areas of society industry to poor

[@JavenarchX]

Juice Media is gonna have a field day

[@AussieZeKieL]

Japans market is 40% Australian gas. Imagine if we stopped supplying our neighbor with their energy needs…

[@NathanCroucher]

exactly. it wont be please, thankyou and koalas. itl be a us backed freedom visit.

[@liam9519]

@@NathanCroucher Sure but we could like make sure the companies extracting that gas are liked taxed or something

[@liam9519]

@@NathanCroucher just a thought

[@NathanCroucher]

@@liam9519 more tax less super, less tax more super..... It appears the balance is shifting towards tax. Guess why?

[@liam9519]

@@NathanCroucher what? How about tax the gas and fossil fuel companies (instead of subsidising them) and deposit that directly into Australian's super? Or use it to build some roads or hospitals or something. Crazy idea right

[@davidhayman7623]

Gaslight lead recovery

[@stuartskelton6568]

The know nothing Talking Head used the word reprisal. I'm pretty sure she has NO idea what that word actually means, and, NATCH, used (erroneously) to try and bash the NOT CURRENTLY IN GOVT opposition.

[@nottenvironmental6208]

LNP are so embarrassing, to even mention a party that transferred more wealth out of Australia ever in their last year in power. We can't afford to vote for potato head's

[@rickyelvis3215]

Looks like a cloned librarian on Valium.. Polly want a crack up.