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The resources of the nation belong to the people

April 26, 2017

Will someone please convince me this isn’t economic idiocy: PM orders gas giants: Australian consumers first:

Malcolm Turnbull will impose tough new restrictions on the country’s gas producers, introducing sweeping powers to block exports unless there are adequate supplies to meet the needs of Australian businesses and consumers.

Declaring that the domestic shortage had led to consumers paying much more for gas than overseas buyers, the Prime Minister said on Wednesday the Australia-first policy was needed to ensure prices were lower and “fairly reflect international export prices”.

“Australians are entitled to have access to the gas they need at prices they can afford,” Mr Turnbull said ahead of an announcement expected in Brisbane on Thursday.

“It is unacceptable for Australia to become the world’s largest exporter of liquefied natural gas, but not have enough domestic supply for Australian households and businesses.”

Following warnings in March that gas companies needed a “social­ licence” to operate, Mr Turnbull hit out at the sector for failing to meet a demand to becom­e net contributors to the Australian market — that is, prod­ucing more for domestic consum­ption than was exported.

“Gas companies are aware they operate with a social licence from the Australian people,” he said. “They cannot expect to maintain that licence if Australians are short-changed because of excessive exports.”

For a parallel we have this direct from Argentina in 2014:

“You have to understand that the resources of the state belong to the people”, remarked Fernández de Kirchner.

Does this government of ours have no clue how a market economy works? Are we now heading for an Argentinian economic future?

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