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Mandatory code of conduct for the east coast gas market
12 May 2023
ACCI is preparing a submission for the second round of consultation on the mandatory code of conduct for the east coast gas market. This will be legislated as Competition and Consumer Order (Gas Market Code) Regulations 2023.
ACCI’s submission notes that proposed mandatory code of conduct will provide temporary relief to gas-reliant businesses facing spiralling gas price. However, we do not support the price cap being extended to 2025 (and potentially longer pending the review). Imposing the price caps for an extended period, or permanently, is likely to have ramifications for long-term investment in new gas supply.
The introduction of exemptions from the code, which would be granted at the discretion of the responsible Ministers, adds significant complexity and uncertainty to the gas market.
The proposed code of conduct and price caps is a short-term fix and should only be viewed as a temporary, stop-gap measure to address the current the gas market dysfunction.
ACCI continues to advocate for more comprehensive reforms to address gas supply, security and affordability for east coast gas users in the long-term. We call on the Government to begin development of a National Gas Strategy, aimed at achieving a functioning competitive gas market. This should focus on improving its efficiency and effectiveness, increasing competition and removing supply constraints. Long-term policy priorities should focus on removing constraints on exploration and gas-field development to increase domestic supply and drive down prices.
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