Consumer gas prices are tipped to surge by 30 per cent over the next five years as a boom in Australian LNG exports puts pressure on local supply.
LNG exports are likely to triple to an annual value of $20 billion by 2020 due to strong demand from Asia, with Australia predicted to rival Qatar as the world's biggest LNG exporter by 2018, an ANZ report out Thursday predicts.
In bad news for consumers, the ANZ report said the growth of Australia's LNG export industry would put a strain on domestic supply, "which will lead to substantial price increases for Australian industry and households".
However, the report noted that "high levels of foreign ownership in LNG companies means the bulk of profits will flow offshore".
It also pointed out that with Australia's LNG development phase winding up, investment in the sector would fall sharply resulting in fewer LNG-related jobs.
Well that's lovely,isn't it?
We have these gas companies come in, buy up our land, poison it, and our waterways with chemichals, ship our gas overseas, so we can pay higher prices for our own gas than ppl overseas.
Nice one, Mr Prime Minister! When are you going to work in the interests of your own ppl, instead of the multinationals and the New World Order ppl?
You should be keeping a gas reserve for your own countrymen to use at a reduced price.
Wer'e living in a land of untold riches in resources and we're letting it be taken away from us like candy from a baby.
That's just evil.
