Ed Husic
Chifley · Australian Labor Party · Australia
“The tragedy of that poem has befallen generations from then to now—the fact that we enjoy being in the sun so much. In many respects we have paid for that enjoyment, and in many cases we've paid for it with our lives, with the cancers that have emerged, particularly melanoma.”
“It's been that sacrifice that he made combined with the observation that, in so much of what he did, there was an absence of gravitas and ego. Richard was us. He walked amongst us all, containing that special talent and gift that he had, with desire to save others. That, I think, marks him out.”
“A lot has been said about what Richard Scolyer has done in terms of his professional, scientific and research background. But I want to come back, if I may, to the remarks I just reflected on. When we think of the Australian character we think of our ability to overcome with physical attributes.”
“These things include not just our toughness and not just the fact that so often the Australian character is defined by a very heavy physical element, of being able to survive the elements themselves. One of the big things that's helped this nation survive is our know-how and smarts.”
“When I paid my condolences to Richard's wife, Katie—and Katie, Emily, Matt and Lucy were on the floor of the chamber with us yesterday—I expressed the view to Katie that her husband was a national hero. National heroes don't always attain that description of heroism because they've been successful.”
“I don't think any of us would not have been touched by that final letter that he penned, knowing how hard it would have been to write those words—every single letter in those words, every apostrophe and particularly the full stop.”
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“There's rightly been a lot of focus in this parliament on the events of 14 December, and there should continue to be. We witnessed 15 of our fellow Australians killed—Jewish Australians targeted because of their faith—a depravity carried out by ISIS inspired terrorists. Their act has written an incredibly dark chapter into our nation's history. The grieving will continue for some time, and, while this occurs, we have another task to pursue. We need to have a clear understanding of how this occurred. What are the lessons we can learn to avoid a repeat of this on Australian soil? This is why I never hesitated in expressing my belief—supporting the member for Macarthur—that a royal commission into this awful, horrific event be undertaken.”
“We cannot have faith in the superannuation system undermined, and I think it has been important that the work led by the Assistant Treasurer has come to the fore to be able to give people some sense of comfort. Finally, I just want to congratulate Sarah Court on her appointment as chair of ASIC and starting her five-year term on 1 July. When Ms Court delivered ASIC's 2026 enforcement priorities, she revealed ASIC had doubled the number of new investigations and nearly doubled the new matters filed in court in the last 12 months. I wish her every success as she continues this important work on behalf of Australian consumers and investors, and I thank the House.”
“I also understand the Assistant Treasurer wrote to regulators ASIC and APRA to identify action that could be taken to prevent anything like this happening again and has requested ASIC to consider whether current financial resource requirements for managed investment scheme operators are appropriate. These collapses have exposed weaknesses across the broader financial ecosystem, where all have a responsibility to protect investors from risk. The release of the outcomes of APRA's thematic review of superannuation platforms is a welcome step, but right now the priority has got to be preserving what funds can be preserved and getting money back into people's hands.”
“I'm grateful for the attendance of the Assistant Treasurer in the chamber, because I know the huge amount of work that he has undertaken with consumers directly impacted by these collapses. I know that hearing stories like those that he was forced to confront made clear the very real toll that these events took on families across the country. We cannot ever lose sight of that human cost. In December, the government announced it would be consulting on a range of actions in response to the collapses, including cracking down on lead generation, risky superannuation switching, high-pressure sales tactics and ensuring our regulatory settings are fit for purpose.”
“In 2024 and 2025, two major superannuation schemes, Shield Master Fund and First Guardian, collapsed, leaving more than $1 billion in retirement savings at risk. More than 12,000 Australians were affected. Many lost what they believed were their life savings. One could just imagine the crippling anxiety and fear that people would have had when they believed that their life savings to sustain them in retirement had completely gone. Investigations revealed that high-risk investments were being marketed as safe. Research ratings misled investors. Networks of advisers and lead generators steered Australians into unsuitable products. Oversight failed. Ordinary people paid the price.”
“People reacted to the way in which major financial institutions seemed to get off scot-free for the decisions that they made that impacted on ordinary people and reacted to where people weren't held to account. ASIC's work is vital not just in banking but also in superannuation, where Australians' retirement savings, security and dignity in later life are at stake. For most people, superannuation is decades of hard work. It's time away from family, missed holidays, overtime shifts and careful saving. It's the promise that, after a lifetime of hard work, the contributions you made to your savings via super will give you a chance to retire with confidence in your financial future. So when that promise is broken, the consequences are deeply personal.”
“I've got to say that, if customers owed money to the Commonwealth Bank, I'm sure the path to recovering that money off customers would have been as smooth as silk. I'm concerned that we're seeing the same weeds that prompted the last royal commission pop up yet again, and the banks aren't taking this seriously. I do believe that it is imperative that we do focus on these governance issues and that the senior management of our biggest banks are held to account, because it does have an impact on ordinary Australians and, when they feel that they are not getting fairness delivered to them, it does have repercussions. If you don't believe that then you just need to see the growth of the Tea Party in the US following the global financial crisis.”
“If the ANZ can treat the Commonwealth with such disregard, imagine what they might do to a mum-and-dad retail investor—and that's before we even discuss the way that the Commonwealth Bank of Australia was prepared to have 2.2 million customers or concession holders, many low-income earners, inappropriately sitting in bank accounts attracting nearly $280 million in fees over five years, an act that on its face contravened the banking code of conduct, which requires banks to be proactive in protecting customers from fee related harm. They weren't the only bank to have been found to do this, but they were one of the few to set up hurdles for customers to claim back the fees that they were charged.”
“If leadership isn't truly held responsible, fines simply become a cost of doing business. We cannot have this mindset solidify in our banking system. I believe experience shows that bad corporate behaviour becomes a factor that reshapes political environments and, when the public believes that big businesses like this can act with impunity, it further undermines faith and trust in institutions and questions the ability of governments to act. That's why I'm so focused on the behaviour of the banks and their treatment of everyday Australians.”
“Federal Court Justice Jonathan Beach summed up the reason why this litany of misconduct prevailed for so long: 'ANZ's lack of accountability at both management and execution levels and inadequate senior ownership of formal framework and governance arrangements'. Yet, despite record penalties, we've seen few meaningful consequences for those ultimately in charge. In fact, I'm informed that, at the recent ANZ shareholder meeting in December, uncomfortable questions were repeatedly shut down and given short shrift. This is not the sign of an organisation prepared to confront and repair its governance failings. Docking a bonus while trimming an incentive payment is not accountability. It is not commensurate with systemic misconduct that costs Australians millions of dollars and erodes trust in our financial system.”
“The pattern is clear—repeated breaches, repeated penalties—yet the $250 million fine is minuscule compared to ANZ profits and far lower than the maximum penalty that ANZ could have incurred. While I respect the decision of ASIC in terms of levelling the penalty that it did to ANZ, I did make the point at the time and I make it again that they could have and they should have penalised ANZ harder, because, if deterrence is to work, penalties have got to bite. ASIC has the power to send that signal, and I would urge it to do so. When misconduct is this widespread and repeated, it's not just a series of technical errors. It's a failure of governance at a serious level and a failure of oversight right at the top of the bank. The behaviour of ANZ has been so egregious that it attracted the attention of the Federal Court.”
“Families dealing with grief were left to fight for refunds. This is on top of prior misconduct spanning more than a decade: a $900,000 penalty for breaching disclosure laws in a $2.5 billion share placement; a $10 million penalty for contravening the credit act and accepting sensitive customer documents from unlicensed third parties in its Home Loan Introducer Program; a $15 million penalty for misleading customers about available funds in credit card accounts, leading to wrongful fees and interest; a $25 million penalty for failing to deliver fee waivers and interest discounts to 689,000 accounts over 20 years; a $10 million penalty for unconscionable conduct over improper periodic payment fees; a $5 million penalty for irresponsible lending in car finance; and a $10 million penalty for attempting to manipulate the bank bill swap rate on 10 occasions.”
“It's worth noting that this is not the only misconduct by ANZ that has attracted regulator intervention, particularly from ASIC. Between May 2022 and September 2024, ANZ failed to respond to 488 customers who submitted hardship notices. These were Australians facing unemployment, illness, bereavement and family violence, yet ANZ pursued debt collection against them without responding to their hardship pleas in the required timeframe. Between 2013 and 2024, ANZ promoted bonus interest offers but failed to apply them consistently, making false, misleading or deceptive representation to customers. In 2024-25, further errors affected nearly 57,000 customers, with $480,000 in interest not paid. Between 2019 and 2023, ANZ failed to refund fees charged to thousands of deceased customers.”
“How can you have confidence that ANZ will seriously tackle cultural issues in its bank when its senior leadership responds this way to an act that prompted one of the largest penalties ever? ANZ has claimed that senior leadership were made accountable for this, yet the same senior managers are now contesting the action taken against them. While new CEO Nuno Matos is promising a new approach, I'm yet to be convinced this will be a serious effort. The CEO may be different, but the chairman seems unrepentant. How can the chairman of that bank, in a role that is supposed to shoulder a lion's share of responsibility for overseeing corporate governance, not appear to take any responsibility for the cultural issues that seem stubbornly ingrained at the bank?”
“This was not just a technical breach; the bond deal was raising money to finance government services, health, education, infrastructure and defence. ANZ's conduct risked taxpayer funds and undermined trust in sovereign debt management. These are exceptionally serious issues. ANZ's current chairman, Paul O'Sullivan, and new CEO Nuno Matos told investors there had been no loss to the Commonwealth after mishandling $14 billion in government bond sales, yet, according to ASIC, they estimated that the government suffered a $26 million loss as a direct result of ANZ's misconduct. So it appears that ANZ misled investors about how they misled the Commonwealth, which is simply extraordinary.”
“We just need to look at specific cases, and none is more instructive than the action that ASIC took against one of our biggest banks, ANZ. Last year, ASIC determined it would level the largest penalty ever secured against a single entity, penalising ANZ $240 million for a range of actions that ASIC characterised as a betrayal of the trust of Australians. In April 2023, ANZ was assisting the Commonwealth government's Australian Office of Financial Management with a $14 billion bond issuance. Instead of taking steps to limit the market impact on this issuance, ANZ sold a significant volume of 10-year bond futures around the time of pricing. ANZ knew its trading could expose its client, the Commonwealth, to significant risk, but didn't disclose this. ANZ also misled the government about its trading turnover for nearly two years.”
“It's administrative in nature, but it matters because it validates ASIC's authority and it ensures consistency in the way that fees are understood. While the bill is technical in nature, it points to something much larger—the authority of ASIC and the value of the work it does every day. ASIC isn't just a bureaucratic body; it's a frontline defender of fairness in our financial services system, and its work touches every Australian—whether you're a small-business owner, a shareholder, a superannuation fund member or simply someone with a bank account. Regulatory watchdogs like ASIC ensure that financial power serves the public interest, not just corporate interest, and that protection is not abstract; it's measured in real enforcement actions.”
“I rise to speak on the Corporations (Review Fees) Amendment (Technical Amendments) Bill 2025. At first glance, the bill is technical and administrative. It validates certain fees collected by the Australian Securities and Investments Commission, ASIC, between 1 July 2011 and 11 March 2025. These include late fees, upfront review fees and fees for special purpose companies. The bill doesn't introduce new changes and it doesn't increase what Australians pay. It simply corrects a technical error in the indexation methodology introduced back in 2011. Over the years, practice on indexation diverged from parliament's intent and this bill fixes that. So, in many respects, the amendment is an integrity measure. It ensures the law reflects what parliament intended and what ASIC has consistently applied in practice.”
“I end with this observation he made when I ask friends in this place what we bring to a shared challenge. Elie Wiesel observed: Just as despair can come to one only from other human beings, hope, too, can be given to one only by other human beings. This is our moment to give hope to each other and the people we collectively have been sent to represent.”
“We can resolve that, no matter from what corner extremism emerges—Islamists or far-right extremists—we will stand up and deal with it together. What presents as a threat to Australians of all faiths and backgrounds is a threat to us all. We can remember who we are as Australians, and we can resolve for better, for safer and for stronger. I end on this point. One of the toughest books I've ever read is Night by Nobel Peace Prize laureate Elie Wiesel. Night devastatingly details what Elie and his family endured and, in cases, succumbed to during the Holocaust. He wrestles with the testing of faith that comes with horrific experience, a theme he returned to regularly through a prolific literary career. I've retraced many of his words and thoughts lately.”
“I dare say you've heightened the strength of resolve emphasising clear purpose—a clear resolve to confront and address extremism, a resolve to unite and to build a sense of safety, an ability for others to practise faith free from fear. Let's deliver that. It's what we should absolutely resolve to deliver to Jewish Australians. The roots of my family tree come from a place that shredded itself with ethnic and religious hatred. What I've resolved and what I bring to this moment, and from the moment I took my first oath to serve here, is a determination that our country, which has been so good to so many, will never contend with the same fate—unity always. We can differ in view, but we should never dissolve as a result of corrosive hate.”
“Does the moment need more anger and bitterness? For many who've suddenly, tragically, prematurely farewelled those they love, these are instinctive responses to grief, to fear and to loss. I respect and understand that. But, for us here, have we had enough raised voices, and do we need more temper? What can we do to help draw the nation together? Less brawling, more healing and less driving each other into our own defensive corners. If we say we choose to unite, let's prove it. Let's do the hard work restitching our social fabric, refashioning the bonds between people of all walks. Resolve doesn't need to be fuelled by anger and hate to achieve its ends.”
“One was stopped by another man driven by his faith, guided, he said, by the hand of God. I thank him and everyone who stepped forward when instinct screamed, 'Step back.' Thank you to all first responders, doctors, nurses, lifesavers and those that are now helping people tortured by grief. Our gratitude is deep and profound. Mourning and condolence is a space for remembrance, reflection and choices about what's next. When it comes to choices, a rabbi put to me, 'We choose our hard.' Even easy choices are made to avoid hard ones. They come with harder consequences and harder choices later. There is little that will be easy for us all in this place with what's before us. The questions we must ask ourselves on the floor of this House are: What are our choices, and what do we bring to this moment?”
“It's a magnet for people from all different walks, from both here and other shores, who make their way to that beach, entranced by a natural wonder. It's a place of shared joy. You don't need to feel the itch or heat of Bondi's sand between your toes to know that, when you see Bondi, you think of Australia—laid back, care free, people getting on. For years it's also been the perfect backdrop for Jewish Australians wanting to celebrate a sacred moment in the calendar of their faith, Hanukkah. But this image, this backdrop, has been marred, stained horrendously by an act of terror and hate—bullets whose purpose was to end lives and divide the rest of us. Worse still, for the children of Abraham to do this to each other, at a moment important to the faith of the other, is truly sinful—two men contorting faith to justify terrorism.”
“Other rabbis and Jewish Australians I've spoken with have told me the same. When I stood next to my friend on that footbridge, it was a cold moment because of what silently crushes your mind and presses on your chest—the realisation that anyone gathered below had so little room to escape the hateful intent that befell them. I keep thinking of Matilda, a 10-year-old. She deserved a life rich with experience, yet she was robbed of this by terrorists fuelled by antisemitic hatred, who targeted her simply because of her faith while celebrating Hanukkah in Bondi. It's chilling. It's wrong on so many levels to every person killed that day. Bondi Beach isn't simply a place for sunburn and surf; its power comes from those waves drawing in the four corners of the globe.”
“Early one morning last December, a rabbi and I stood quietly together on the footbridge overlooking that patch of Bondi that's becoming abominably attached to an awful chapter in our history. We earlier visited the memorial at Bondi Pavilion. Respecting an old Jewish tradition, I placed a stone amongst the flowers and wreaths. In this tradition, stones endure. They represent a commitment to remember—to remember Matilda, Edith Brutman, Dan Elkayam, Boris and Sofia Gurman, Alexander Kleytman, Rabbi Yaakov Levitan, Peter Meagher, Reuven Morrison, Marika Pogany, Rabbi Eli Schlanger, Adam Smyth, Boris Tetleroyd, Tania Tretiak and Tibor Weitzen. We remember you all. While walking towards the footbridge, the rabbi was telling me of the days filled with funerals he'd attended and the grief weighing down his community.”
“Their work doesn't just strengthen our community; it strengthens the sense of who we are and makes our area a better, kinder place to live.”
“Each of these women gives so much of themselves, from supporting vulnerable families to uplifting and inspiring young people, building bridges across cultures, generations and communities. Their stories remind us of something deeply important—that strong communities are built by people who care, people who show up and people who quietly change lives every single day. Our winners and nominees reflect the very best of Western Sydney. The dedication they have is inspiring. It challenges us. It gives us hope for the future. I want to thank every volunteer, supporter, performer and community member who helped make this year's ceremony such a success—as they do each and every year. Most importantly, I want to thank the women that we honoured.”
“It was estimated that she devoted 100,000 hours of her time to people in our area. Even when she moved out of Mount Druitt and was up on the Central Coast, her door would be open to people who would travel to her in an hour of need, and she would be there for them. She was a tremendous Australian. This year's recipients, especially the Coral McLean Award winner Sister Carlene Allen, could not have embodied Coral McLean's spirit more. For nearly two decades, Sister Carlene supported women, families and vulnerable locals through her work at Holy Family Parish. She's a true pillar of compassion in Mount Druitt and the surrounding suburbs. We also recognised Chifley Woman of the Year, Hanna Shamoka, and Chifley Young Woman of the Year, Aarushi Duggal. The MP Recognition Award went to Learning Ground's Cassandra Jackson.”
“I want to let the parliament know about the incredible success of the 14th annual Chifley Coral McLean Awards, a celebration of women whose compassion, leadership and strength continue to shape our community for the better. We also took the opportunity to raise funds for a local women's group, Community in Fellowship Together. I wanted to give a special shout-out to our terrific guest speaker this year, journalist and radio presenter Chris Bath, who proved to be one of the most entertaining speakers we've had in a while—other than, say, the member for Riverina. Her warmth and wisdom truly struck a chord with everyone in the room. Each year, the awards honour the legacy of Coral McLean. Coral was a woman who dedicated her life to social justice, reconciliation and community service.”
“I've had thousands of residents back a petition calling for the extension of the metro. Building and extending that metro line will then open up the opportunity to develop the next big, central business district in the Blacktown local government area of Marsden Park. We will be able to build a functional, properly working, attractive central business district that will obviously be the biggest central business district in our part of Western Sydney and, importantly, it will create jobs right where people live. Having the metro connect up with the upgrade that has already been announced and is about to commence on Richmond Road means we'll get public transport, road networks and a focus on a satellite city in Marsden Park. We need to do that by federal and state governments working together.”
“This will be huge for residents in booming residential estates, but also for existing estates. For whatever reason, the New South Wales Liberal government decided they would stop the rail line at Tallawong and have a huge gap between there and St Marys. It makes absolutely no sense. In its 2023-24 budget, the New South Wales Minns government committed $40 million to develop the business case to expand it, and I commend them for doing this business case. I believe, as the Prime Minister rightly noted earlier this year in giving a speech to Western Sydney residents, the missing link of the metro is Tallawong to St Marys. He's absolutely right in making that observation, and I believe that a cooperative, collaborative approach by both levels of government will be transformative for our part of Western Sydney.”
“This means that if you're living as a family in the Blacktown area the closest one is now 25 minutes away, and that's if you get in. Otherwise, you're driving 40 minutes to Campbelltown. It's just not on. It's just wrong. We have the biggest local government area in Western Sydney. We will now not have a significant university presence in there. Again, if Mr Williams wants to wonder why people are questioning the social licence of universities, he can just look straight at his own lap and at the decision that he's made to shut down that campus. It's unacceptable. The other thing quite distinct from that is we have an urgent need for improved public transport in north-west Sydney. One of the things I've been championing is the extension of the north-west metro rail line from where it stops at Tallawong to St Marys.”
“In the process of shutting that campus, they're also shutting the Western Sydney University childcare centre at the Nirimba campus, which is leaving many parents distressed. It's abhorrent conduct, quite frankly, from them. Over the decades that early learning centre became more than just a childcare facility; it became the cornerstone of early learning in the Blacktown local government area. It's a licensed 50-day long-care service. It's not just the closure of the building. It upends the lives of many families in my part of the region who are not only losing a major university presence but a vital childcare service as well. The university's response has been disappointing. They're taking the step because, 'not economically viable.' But don't worry, they'll prioritise transfers for affected families to other early learning campuses.”
“You would think that a university would devote itself to improving the university experience by investing in that area. Instead, to deal with the poor university and student experience, the university is removing its presence. The Western Sydney University—I've watched this, and many others have noticed it—are centralising most of their facilities in what I and many others would describe as the eastern suburbs of Western Sydney, like Parramatta. They're not doing it to increase the number of Western Sydney students going to that university. They're doing it to try and get students from the east of the city, betraying the very reason the university was set up in the first place. It's unacceptable.”
“In the mid-1990s, a person that I'm proud to call a friend and who was the member for Chifley before me, Roger Price, had championed the concept that, on soon to be vacated Royal Australia Navy land of HMAS N i rimba , we use the opportunity not to sell that land off but to put on one site public and private high schools, TAFE and a university so that we would then boost educational opportunity in that area. The Western Sydney University now is looking to shut that campus down which is an absolute tragedy. It will mean it will take out, from one of the largest council areas in Western Sydney, the only university campus. What is extraordinary about that is that the university and vice-chancellor said to me the reason they are shutting it down is because it is a poor student experience.”
“The University of Western Sydney was started under a former federal Labor government as a result of reforms by the Hawke Labor government, driven principally by the notion that, if you see it, you'll be it. We wanted to encourage more Western Sydney kids to be able to go to university. A division having been called in the House of Representatives— Sitting suspended from 12:44 to 12:56 In establishing those universities, particularly one in Western Sydney, it was important to send the signal that we wanted people to progress in terms of their obtainment of education skill. I'm proud to say I went to that university. It did open up an opportunity for me as the first in my family to go.”
“Deputy Speaker Lawrence, I happened to receive a little book—treatise, no doubt—called Aiming Higher: Universities and Australia's F uture written by George Williams, who occupies the role of vice-chancellor of my old uni, Western Sydney University. It's quite a read. In particular, what leapt out to me is: Today, universities find themselves in the distressing position where their very social licence is in question. It's a concerning quote at that. Mr Williams has done a bit of a speaking tour. Once he's completed that, I wouldn't mind if he did a speaking tour of the Blacktown local government area, where he could explain to the folks of our region why he is closing the only campus in the Blacktown local government area.”
“However, despite calls from ASIC and other institutions, a financial literacy program is yet to be implemented across Aussie schools, meaning that the over 330,000 young Australians facing financial insecurity each year are exposed to the triple edged sword of an outdated, underperforming education system, a widespread cost-of-living crisis and growing rates of mental health issues. There are endless opportunities to better Australia's approach to holistic education; financial literacy programs are just the start. So, Mr Speaker, when will it be enough? Our system needs change, because today isn't good enough but together tomorrow's could be.' Well said, and I want to commend Jamison on that terrific speech.”
“This chamber cannot ignore the evident effects of failing to address educational development beyond teaching students maths and Shakespeare. One such avenue for a better system is the implementation of a financial literacy program. Research from the University of Newcastle has found that "greater financial literacy leads to better life satisfaction". Moreover, ASIC reports that people experiencing financial challenges are twice as likely to be experiencing mental health challenges.”
“Rather, I define education as the holistic development of individuals, something that I believe is often overlooked within Australian schools in exchange for a focus on academic achievement. And, whilst countries like Sweden integrate life readiness skills with strong academic standards, Australian NAPLAN results indicate that 33 per cent of students are not even meeting the baseline expectations in numeracy and literacy. Whilst I acknowledge the importance of academics as a year 12 student, I'm currently surrounded by peers who are constantly stressed about the HSC, stressed about what ATAR they'll receive and stressed about failing to meet expectations. Mr Speaker, I believe that a student is more than their marks.”
“I begin not with grievance but with inspiration, because today I had the pleasure of meeting Jamison Dustin, a bright year 12 student from the Chifley electorate, and his mum, Cheryl. Both of them sit behind me, but Cheryl in particular is rightly proud of her boy. Jamison was the award recipient of My First Speech with the Speaker. I want to read his speech into the chamber and basically seize every credit for all of his hard work in doing so. It showcases thoughtful young leaders we have in Western Sydney and the issues that they want to bring to light. This is the speech that he has submitted to the Speaker: 'Mr Speaker, Australia's education system is failing its students, and the problem stretches beyond exams. When I say 'education', I'm not just referring to textbooks, curriculums and syllabi.”
“That's the ambition we should have no hesitation in pursuing. We may also need to prevent the sale of uncontracted gas offshore and ensure companies don't sidestep this by ramping up sales of uncontracted gas to drain what's available for locals. We cannot wait for a better deal for this country. We should have the ambition to pursue better for this nation, and we should reject the naysaying and the fearmongering by those who want to tell us that we should cop something that we all in this place know we should not.”
“We absolutely need to establish a gas reservation policy to meet our local needs in this decade, not in the next. We must stand firm on another issue. We cannot tolerate being lectured to by overseas buyers telling us what we can do with our gas when they on-sell the gas they get from us to make a massive profit. Last year, Japan resold a third of the LNG it had purchased from Australia, making over $1 billion in profit and in quantities large enough to supply our domestic industry for a year. We should reshape the Australian Domestic Gas Security Mechanism to allow the government to intervene, adjusting future supply based on past resold volumes. This nation should not be reduced to pauper status. We should be an energy superpower, and that should translate to economic strength.”
“Former WA premier Alan Carpenter stared down that threat and established a west coast reservation system. Our generation trades on the courage of past generations without displaying the spine to do the same today. This timidity has allowed a structural flaw to fester, with domestic prices influenced by export prices and Australian users competing with Tokyo, Seoul and Singapore for Australian gas. We beg for the scraps—forced to cop globally indexed pricing that has absolutely no relationship with the cost of production. Our gas, our prices—that should be the bedrock, the cornerstone, of our thinking. The cost of doing business in this country, for multinational gas firms, is that they must provide a gas price in line with historic pre-pandemic levels. This should apply to any new field that's open, too.”
“We need supply at the right prices, and we need contracts that are fair. Manufacturers often tell me they're unable to get contracts longer than 12 months because of the profiteering obsession of gas companies holding out to ramp up prices beyond the contract period. This is intolerable. Tinkering at the edges is not enough to fix this. The ACCC has doubted that past interventions aren't having a perceivable effect. We need strong action—a complete rethink of the terms on which Australian resources serve the Australian national interest. In this country, it's almost like we're embarrassed about possessing so many resources and are so timid we feel we just have to cop what overseas companies and buyers tell us—what rot. Or we are spooked by this argument: if we demand too much these companies won't invest in new fields—lame.”
“That's why falling demand hasn't been reflected in prices. The market is fundamentally distorted. Over decades, governments have entrenched this, largely by inaction, hoping the problem would go away. I'm proud though to say that, in the last term, this government was the first to have the guts to tackle this, even with the active resistance of the coalition. In late 2022, the government capped prices at $12 per gigajoule despite warnings from exporters and foreign buyers, who predicted the worst. Those predictions soured. We stepped in at a moment of crisis, and we were right to do so. Access to stable, affordable gas is not an industrial preference; it's a sovereign capability necessity. It'll be essential to the transition to net zero. Predictable voices will tell you, 'All we need is more supply.' That's misleading.”
“Thanks to the member for Bradfield for this resolution—I agree. Australians deserve a gas market that's predictable, reliable, affordable and transparent, not a radical proposition. Right now, our gas system defies even the gravity of basic economic logic. The consequences of this are felt in households, factories and businesses across the country. We face a projected seasonal gas shortfall by 2028, not because we don't have enough gas but because the gas that comes from beneath Australian soil is prioritised for customers offshore rather than customers onshore. Pre-pandemic gas prices sat at around $3 or $4 per gigajoule; today they're at around $10.30. When I said that our gas prices defy the gravity of conventional economics, I meant this: domestic gas demand has actually fallen. Supply has sustained but been shunted off overseas.”
“We need more supply directed here at a much more competitive price and on contract terms that are longer than 12 months. Those three areas are what we need to focus on, and I urge the House to do so.”
“This type of stuff needs to be tackled—our gas, our prices. We need it for our manufacturers. The gas companies are making 'more money than God', in the words of President Biden when he talked about some of the gas companies in the US. They are not being short-changed. This resource is in bountiful supply. It is being exported, and a lot of money is being made out of it. We should have the courage to insist on a better deal for Australian manufacturers. It's something that we should be fighting for, because it is important. As we said coming out of the pandemic, we need to make more things here. Gas is a key input for many of the manufacturers. We need to take a strong stand on this to be able to provide it. We can't just listen to the claims of the gas companies that say, 'If we just get more supply, you'll be right.' No.”