Gas fog of war smothers Canberra

Monday 6 July 2026

Hilariously, as a cold snap spikes East Coast gas prices and the Iran war delivers windfall profits, the gas industry has ramped its whinging to 100%.

They’ve rolled out good ‘ol industry patsy Wood Mackenzie:

Labor’s proposed domestic gas reservation scheme would flood Australia’s east coast market with excess gas supply in the short-term before choking off investment in new sources of production, ultimately leaving households and manufacturers worse off.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.