Media

China’s tumbling trade barriers will stimulate billions of dollars of growth for Australian goods and services, with exports to northern Asian markets expected to grow in value by $20 billion over the next 20 years.

Australia’s eastern gas market risks a 20% shortfall in supplies by 2019 as upstream producers rein in spending because of low oil prices. Rising demand from upcoming LNG export projects in Queensland could also limit flows into the local market should suppliers prioritise more lucrative Asia Pacific buyers in the years ahead.

The Abbott government, which cancelled a company tax cut in the budget, is pushing ahead with $810 million reduction in tax breaks for research and development, in a decision biotechnology company CSL criticised as retrograde.

Manufacturers will face higher costs to comply with mandatory new labelling rules for Australian food products.

Competition boss Rod Sims says he plans to use his watchdog powers to investigate confidential gas supply contracts and negotiations in his probe of the east coast gas market, where industrial users claim they are unable to get competitive offers in the face of $70 billion of Queensland LNG export projects.

Industrial gas buyers are lining up to offer evidence to the competition watchdog's inquiry into the east coast gas market but fear any action won't avert significant price hikes, which threaten the viability of their operations.

Australia’s peak oil and gas group has rejected calls by industry ­veteran and Oil Search managing director Peter Botten for a domestic gas reservation, saying it would be a throwback to the 1950s and would not reduce costs for ­industry or households.

he east coast of Australia faces a shortage of almost 20 per cent of its gas demand, according to research by independent advisory EnergyQuest.

Oil and gas industry veteran Peter Botten has backed calls for a domestic gas reservation policy on the east coast of Australia, warning that consumers could be hit with higher electricity prices as LNG exports boom.

Queensland’s gas giants have poured cold water on moves to establish a domestic gas reserve despite concerns a surge in exports of the fuel will drive up local prices.