Ian Verrender

Now, you had Malcolm Turnbull with his ADGSM, I think it was, what is it, Australian Domestic Gas Supply Mechanism.

You had Scotty Morrison with his big stick.

Do you remember the big stick?

And then you had Anthony Albanese with price controls.

None of it worked.

None of it worked.

But suddenly, it's all working now.

That's part of the problem.

And that's absolutely right.

So we've gone from being, you know, having an oversupply in the domestic market to, you know, we're now hooked into the global market and we're paying their prices.

But there was a fundamental fault in the whole process.

And that was we had three exporters out of the East Coast market.

And the Santos-led consortium decided to double the size of their processing plant on Curtis Island, which is just off the coast of Gladstone in Queensland.

They were going to have what's known as a one train plant.

And then they decided, nah, the other two have got two train plants.

We're pretty sure we've got enough gas in the ground to cover this.

We'll do a two train plant.

And so they doubled the size of their plant.

To justify that, they then sold export contracts to

to Asian buyers.