ninenews.om.au 2.6.24 said "Australia is preparing to surrender...

ninenews.om.au 2.6.24 said "Australia is preparing to surrender billions of dollars in gas revenue to stymie Beijing's attempts to woo one of our nearest neighbours".

The Greater Sunrise Gas Fields (150kms from Timor Leste. 450kms west from Darwin) contain an AUD $50b gas resource. If developed, $40b will go to Timor Leste, $10b to Australia.
The Fed. govt. wants the gas to be processed near Darwin. If so, it is willing to donate $5b funds (half its share) to the related Timor Leste "Sovereign Wealth Fund', & manage it for them also.

The Fed. govt. does NOT want China to fund the fields etc. for Timor Leste, nor have the gas processed in TL. Australia says it would be far more economically feasible, for both countries, to process it near Darwin- both countries have agreed for a 3rd party Independent analysis to confirm this view.

Australia prepares to surrender billions of dollars in gas revenue | Watch (msn.com)

The importance of the Fed. govt.'s pro Greater Sunrise development is that it provides further clear evidence that it accepts "realpolitik", & the fundamental economic & strategic importance of fossil fuels for Australia, and other countries in our region; &, also, fossil fuels have huge geopolitical & defence importance for Australia.

It is also crucial to understand that Indonesia is greatly reliant on fossil fuel use; & also derives vast wealth from sales of LNG, coal etc.
Indonesia | EITI

Crowded, & generally poor, Indonesia, pop. c.240 m, may overtake Australia's GDP in the next few decades (not per capita)...huge implications.

Indirectly & long term, this ALP stance (which is also shared by the LNP) supporting fossil fuels bodes well for WHC. Geopolitcial, defence , & economic etc. considerations means we will not sacrifice our fossil fuels' huge export earnings (& our own energy security), simply to be replaced by other countries' fossil fuel earnings, gleeful to benefit from our caprice & stupidity.