Maybe "bailing out" is the wrong term to use . The government should be providing additional "incentives" for critical infrastructure companies to continue carrying on business in such a situation. Unfortunately times have changed. I recall back in the 70's Joh had a requirement that mining companies needed to have at least 51% Australian equity in order to carry on business in Qld. and were also required to have an office in Qld. as well .
The point I am making is that at the end of the day something needs to change in this country in relation to assets vital to our sovereignty , national security and economic well being.
Gas is another perfect example . We sell gas to foreign countries cheaper than what we pay for it in this country .The Australian Domestic Gas Reservation Mechanism (ADGSM) was put in place by Malcolm Turnbull when the local gas price was a measly $20Gj in 2017, it is a contract with the cartel that forces it to leave more gas here so that the local price crashes to acceptable prices around $7Gj.
Yet, with this Heads of Agreement already in place, with the trigger ready to pull, with the cost of living crisis in full swing and being severely exacerbated by the energy inflation shock, Labor’s new Treasurer Jim Chalmers has declared that he will rely instead upon renewable energy measures to bring down prices.
What a joke ! We will all be broke with cost of living pressures exaserbated by this high energy cost flowing onto everything when the mechanism is in place to avoid it while a Labour government pushes the green agenda which is largely unattainable .
Bacci alluded to this in his comments as well.
