It finds domestic diesel, petrol, gas and electricity prices will all rise, which will push up the prices of a broad range of products and services almost immediately.
From a diplomatic point of view – as Canadian Prime Minister Mark Carney reminded us last week – Australia could use its influence as a ‘middle power’, with global influence and a close relationship to the US.
Key findings:
- Global energy prices will increase.
- Gas, electricity and petrol prices paid by Australian households will rise.
- Multinational gas companies exporting Australian gas will profit.
- Australian governments will raise very little extra revenue.
While Australia is not a major oil producer, it is the second biggest liquefied natural gas exporter in the world. Unlike other energy superpowers, Australia does not receive a significant tax or royalty benefit when prices rise. The situation is worse for Australian consumers, who will pay surging world prices for Australia’s own resources.


