KING MOVES TO SECURE GAS; CAPITAL SURGE
King flags intervention to shore up domestic gas supply
Resources Minister Madeleine King has moved to shore up Australia’s domestic gas supply, in the event of a potential east coast gas domestic gas shortfall from July this year. Ms King has given notice of her intention to consider using the Australian Domestic Gas Security Mechanism to ensure supply. The Minister said she would consult with major gas producers ahead of a final decision in mid-May. Ms King said her notice of intent did not place any limits on gas exports, and her decision did not affect West Australian and Northern Territory markets. According to the Minister, the Australian Competition and Consumer Commission has forecast a possible gas supply shortfall of up to 12 petajoules in the third quarter of 2026. Ms King said the notice of intent would ensure that Australia was a priority for energy supplies during the period of disruption caused by the Mid-East conflict.
Migration surge fuelling capital city growth
Australia’s capital city populations grew by 1.8 per cent in 2024-25, easily surpassing the 1.1 per cent growth in regional areas, according to latest figures. Sydney grew to more than 5.6 million people and Melbourne to 5.4 million, but Perth recorded the highest growth rate in Australia, at 2.4 per cent. The Australian Bureau of Statistics found that Brisbane and Perth were the only capitals to record net internal migration gains. Overseas migration was overwhelmingly channelled to Sydney and Melbourne. More than 18.7 million people were living in Australia’s eight capital cities in 2024-25, or around 68 per cent of total national population.
Industry aid brought forward amid supply chain disruption
More than $6 billion in Federal funds has been fast-tracked by the Albanese Government to assist businesses affected by current global disruptions. Prime Minister Anthony Albanese announced that $6.15 billion in concessional capital would be brought forward, ahead of the May Budget, to help local manufacturing and supply chain businesses. The package includes $1 billion through an Economic Resilience Program that will provide zero-interest loans to fuel, fertiliser and other critical supply chain businesses supporting domestic industries. Meanwhile, a $5 billion Net Zero Fund will open sooner to support new manufacturing investment and improvement of energy efficiency in hard-to-abate sectors.
Gold, farm goods exports push up trade surplus
Exports of gold and rural goods have pushed Australia’s monthly trade surplus in goods above $5 billion for the first time in eight months, according to latest ABS figures. The value of non-monetary gold exports jumped 30 per cent and rural goods by 14 per cent, as Australia doubled its monthly trade surplus to almost $5.7 billion, seasonally adjusted. Iron ore, coal and gas exports eased in February, ahead of energy prices rising after the eruption of conflict in the Middle East late in the month.
PM rules out expansion of Federal Parliament
Prime Minister Anthony Albanese has ruled out expanding the size of the Federal Parliament, rejecting proposals presented to a federal parliamentary inquiry. The PM said he acknowledged that when he was elected in 1996, there were around 90,000 people in his Lower House seat in Sydney, and now about 145,000. But he told the National Press Club that a campaign against an increase in the number of Federal politicians would “not be healthy for democracy.” The Federal Parliament was last expanded in total in 1984, to 148 seats in the House of Representatives and 76 seats in the Senate. The Federal Constitution requires that the size of the House be around twice the number of Senators, so any major increase in the Lower House would require an enlargement of the Senate.