Next week's federal budget will include $58.6 million worth of new measures to drive the government's gas-fired recovery strategy.
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The funding, to be announced by Energy Minister Angus Taylor on Friday, is designed to unlock supply through critical infrastructure to ensure households and job-creating industries can access gas at a competitive price.
The $58.6 million worth of new measures including:
- The release of the National Gas Infrastructure Plan: Interim Report.
- $38.7 million for targeted support of critical gas infrastructure projects to alleviate the forecast gas supply shortfall.
- $3.5 million to design and implement the Future Gas Infrastructure Investment Framework to support the Commonwealth's consideration of medium to long-term critical gas projects identified by future National Gas Infrastructure Plans (NGIP).
- $5.6 million to strengthen the Government's energy system planning framework by delivering a further NGIP in 2022.
- $4.6 million to develop initiatives that empower gas-reliant businesses to negotiate competitive contract outcomes, including developing a voluntary standardised contract framework.
- $6.2 million to continue work to accelerate the development of the Wallumbilla Gas Supply Hub in Queensland.
IN OTHER NEWS:
Mr Taylor said additional gas supply must be supplied to consumers at the right price, with infrastructure being key to delivery.
"Gas is a critical enabler of Australia's economy and helps to support our manufacturing sector that employs over 900,000 Australians," Minister Taylor said.
"Our National Gas Infrastructure Plan: Interim Report demonstrates the importance of infrastructure to overcoming the forecast gas shortfall.
"The Government will not sit back and allow the shortfall to eventuate - the risk to the economy is too great. Without action to address supply, industry and households will be faced with higher prices, disruptions in supply and unplanned outages."
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