Australia Relaxes Gas Export Quota Proposal

Australia's government has relaxed its proposal to set a hard quota on gas exports, opting for a more flexible approach instead.

The new plan requires natural gas exporters to reserve up to a fifth of their production for the local market, rather than the initially proposed 20 per cent. This will help ensure that the east coast gas market remains modestly oversupplied, with an excess of 110 per cent over estimated demand.

The decision is aimed at addressing shortfalls in the region's gas supply, which has been a persistent issue for nearly a decade. The government expects the revised policy to make gas more affordable and stabilize the domestic market.