THE Queensland Resources Council (QRC) has welcomed the action by Australia Pacific LNG (APLNG) to supply 16.2 petajoules (PJ) of  gas to the Australian manufacturing market.

“Today’s announcement is yet another sign of the benefits that flow from a successful gas industry that has regulatory stability,” QRC chief executive Ian Macfarlane said.

“The Queensland gas industry is leading the nation with a proactive approach to easing the east coast gas squeeze.

“Queensland’s neighbours must take a leaf out of our book, instead of relying on our state to meet the gap caused by their failure to develop their own gas industries. Gas exploration has stalled in New South Wales and Victoria, despite the fact all jurisdictions have their own reserves in the ground.”

APLNG said explosives manufacturer Orica would receive 10.2 petajoules of gas over four years starting in 2021 while packaging manufacturer Orora would take up to 6 petajoules of gas over three years (at their option commencing from 2023).

“Queensland’s gas industry is doing its part to ensure domestic gas users have access to affordable and reliable gas supplies,” Mr Macfarlane said.

“The announcement is the latest that shows how the development of domestic gas helps jobs in Australian industry and manufacturing.”

Last month APLNG, along with its joint venture partner Armour Energy, announced it would enter into gas supply agreements with a number of Australian manufacturers including Incitec Pivot, with supply agreements totalling more than 50 petajoules of gas.

“It’s also important that Queensland continues its exploration program to pinpoint new reserves and new opportunities for jobs and investment. Yesterday Mines Minister Dr Anthony Lynham announced an Authority to Prospect (ATP) for gas on more than 1,510 square kilometres of land in the Surat Basin to a Santos/Shell joint venture and Bridgeport Energy,” Mr Macfarlane said. 

“The successful development of these new areas will depend on stable and predictable policy in areas such as resource development and royalty collection.” 

www.qrc.org.au

ends

THE announcement by APRA that the mortgage serviceability test is to be relaxed is "great news at a time when the potential exists for a recovery in new home building,” according to Master Builders Australia chief economist Shane Garrett. 

“Previously, mortgage loans were only to those borrowers who could afford to service the mortgage repayments at a hypothetical APRA ‘floor’ interest rate of 7.25 percent - regardless of how low actual market interest rates were,” he said. 

“Recent reductions in interest rates mean that this restriction is unnecessarily onerous and APRA’s announcement today means that the interest rate floor has been scrapped. In future, borrowers will only need to have the capacity to absorb a 2.5 percent increase in mortgage interest rates from current, all-time lows.

“Regulatory restrictions on home lending were one of the factors which contributed to the current downturn in new home building activity across Australia.

“Combined with recent interest rate reductions and the successful passage last night of income tax cuts, the relaxation of APRA’s lending rules will add further fuel to a potential recovery in new home building following more than two years of decline,” Mr Garrett said.

www.masterbuilders.com.au

ends

THE Parliamentary Joint Committee on Intelligence and Security (PJCIS) has commenced an inquiry into the impact of the exercise of law enforcement and intelligence powers on the freedom of the press.

The inquiry was referred by the Attorney-General, Christian Porter MP, on July 4, 2019, for the PJCIS to inquire into the Terms of Reference.

The Committee has been requested to report back to both Houses of Parliament by 17 October 2019.

Chair, Mr Hastie, said," The government has referred this inquiry based on concerns raised in relation to recent search warrants executed on members of the press, and the issue of balancing national security with the freedom of the press.

"This inquiry will allow the Committee to hear from the media, government agencies and other interested stakeholders as to the direct impact of these powers on civil society and their importance to both national security and the public interest. We will consider these issues closely and carefully."

The Committee has invited written submissions to this inquiry, to be received by Friday, July 26, 2019.

Further information on the inquiry can be obtained from the Committee’s website.

ends

POWER INDUSTRY unions have reached an in principle agreement with Essential Energy in the Fair Work Commission today that will see the company pause planned job cuts until further information is provided to workers and additional consultation takes place.

The agreement means no jobs will be lost before mid-August, with unions given an opportunity to propose alternative cost saving measures and initiatives that could avert the need for redundancies.

Essential Energy committed to distributing information to all employees by July 19 that includes: the justification for role reductions; the specific impacts of cuts on remaining team members; and details of the tasks or functions that will cease to be performed.

Essential Energy also committed to giving genuine consideration to alternative savings measures before any redundancy decisions are made.

Electrical Trades Union secretary Justin Page welcomed the outcome, saying it was vital that workers be given the opportunity to identify alternatives to yet more regional job cuts.

“This is a tough time for Essential Energy workers, their families and colleagues,” Mr Page said.

“After four years of deep staffing cuts at Essential Energy — which has not only devastated those workers directly impacted, but has had profound impacts on service delivery and regional communities — today’s reprieve is extremely welcome, but is just the start.

“It is important that Essential Energy have agreed to provide detailed information to workers about the reasons for specific cuts and their impacts on the remaining work groups, but better still is their commitment to seriously consider alternative options for cutting costs that would allow these jobs to be saved.”

Mr Page also welcomed the support of a range of regional MPs, including Nationals leader and Deputy Premier John Barilaro, who have committed to fighting forced job cuts at Essential Energy, saying the union looked forward to working with them to find longer-term solutions.

“The ETU will work in a genuine and meaningful way with all parties and stakeholders to fight to protect these jobs,” he said.

“Essential Energy is still 100 percent publicly owned, so the NSW Government has the ability to take actions to stop this devastating loss of regional jobs.

“It is great to see so many regional MPs agree with us that these cuts are unsustainable, that they are going to have huge impacts on regional NSW, and that we need to work together to stop them.

“The ETU is in the process of developing a range of proposals that we believe are viable alternatives to slashing jobs and services in the bush.”

Essential Energy employees or their family members who required crisis support were urged to contact Lifeline (13 11 14 and lifeline.org.au) or beyondblue (1300 22 4636 and beyondblue.org.au).

ends