ANALYSIS: Free market or freedom to profiteer? Gas giants tie themselves in knots
It also came at enormous cost to the rest of Australia's business community after the scrapping of a corporate tax cut to 25 per cent.
While Russia's ill-fated invasion of Ukraine has intensified the situation, the energy crisis now gripping the country isn't something new. Its genesis stretches back more than a decade to when the east coast exporters, attempting to exploit the new coal seam gas fields, overinvested and overestimated how much gas was available.
For that entire time, the exporters claimed the problem was caused by insufficient supply — that state governments had restricted new gas field developments, thereby forcing domestic prices higher.Suddenly, last week, it was thrown out the window by Ian Macfarlane, former resources minister and now industry spokesman, in an interview on the ABC's 730 program.Watch“Having a government setting a gas price is incomprehensible”: Queensland Resources Council CEO Ian Macfarlane.
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