Natural gas has plenty more uses than just power generation. Heating and industrial processes (particularly ammonia production) are the big ones. Thermal coal pretty much only has one use and that is steaming.
Australia's LNG plants won't be "toast" - they are sunk costs now so they will keep pumping out LNG. It's the projects that haven't been built yet that are going to suffer if gas prices go into structural decline.
Also, when you add in the significant transport costs for CTP's conventional gas it's not really going to be cheaper than mainstream (Walloons fairway) CSG. It will still be cheaper than the tighter CSG that the projects will have to move to once they deplete the fairway, though. That gas is going to be $8+ to get to Gladstone.
Finally, check out ORG's latest presentation for some interesting stats on what happens to gas in the presence of renewables. The South Australian market graphs in particular - not only does gas demand go up when renewables stop producing, the price of the power they sell goes through the roof too. When the wind drops and the sun goes down, you'll pay any amount of money to the gas peaker plants to secure power.
Ultimately as the grid decentralises and batteries improve, all fossil fuel power plants will pass into history, but this is what they mean when they talk about gas as a transition fuel.
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