The high cost of gas in Australia is skewing investment decisions towards other countries, and the Albanese government’s pledge to approve new gas projects and deliver affordable gas to customers won’t fix today’s problems, a major manufacturer says.
Resources Minister Madeleine King said on Thursday the government would back the case for new gas fields and import terminals to secure supplies and underpin its “made in Australia” agenda in next week’s federal budget. Climate Council head of policy and advocacy Jennifer Rayner said the government had a choice: either cut climate pollution and scale up clean energy or support new gas projects.“It can’t do both,” Rayner said. “More gas means more climate pollution and a more dangerous future; it’s that simple.”
Orica’s gas struggles didn’t stop it from reporting a significant jump in half-year profit to $337.5 million, boosted by land sales in Deer Park Victoria. Underlying earnings for the global group were up 10 per cent, driven by technology investments and strong conditions in the mining sector. Copper, gold and future-facing minerals are in demand. “That’s clearly the area where we are the strongest. We’re playing the sweet spot of the moment, and that translates into better earnings and better shareholder returns for us,” he said.
Source: News Formal (newsformal.com)
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