Anthony Macdonald

Yeah.

They flagged it was going to land between 15% and 25% and it was bang in the middle at 20% with not a lot of detail.

So forgive the cynicism, but it does look like this is more politics-driven, just ahead of the budget, given that they don't appear to be going harder after the gas producers themselves.

I mean, the goal here is to shore up the domestic supplies and protect price.

Hopefully this helps to put to bed the chances it will be importing LNG at global LNG prices in the near term.

Like if you think about it, that's just craziness.

We're one of the biggest LNG producers and exporters in the world that we would then be selling our stuff overseas only to be buying other people's LNG at higher prices in global markets to bring it here in terminals.

Like that's the height of craziness.

So, I mean, hopefully this helps scrap that.

I mean, we do need gas though in the domestic market.

Domestic gas policy, it's been all over the shop for the past decade.

We've had all sorts of band-aid solutions or wannabe solutions to the price and supply problem.

We've had price caps, domestic gas security mechanism, which notionally gave the right for the Federal Resources Minister to pull back the export volumes, but that's never happened.

We've had the gas code of conduct, etc.

Investors always want clarity.

The gas producers

won't necessarily like that they have to keep 20% of uncontracted volumes for the local market.

And that's like a hard and fast rule.

But hopefully if this policy is developed up properly and there is more actual detail behind it, it'll give certainty.

And, you know, certainty is what's been missing as all these policies have jumped from one side to the other, to the other.