Oil and Gas News

Future of energy industry in Albanese’s hands

Anthony Albanese

Anthony Albanese has been sworn in as Australia’s 31st prime minister in Canberra following Labor’s federal election win on 23 March 2022.

Governor-General David Hurley also swore in Penny Wong as Foreign Minister, Richard Marles as Deputy Prime Minister and Minister for Employment, Jim Chalmers as Treasurer and Katy Gallagher as Finance Minister, Minister for Women and Attorney-General at Government House on Monday morning.

It coincided with the latest Australian Electoral Commission (AEC) count declaring Labor is likely to hold at least 76 of the 151 seats in the House of Representatives, ensuring that the party will be able to form a majority and govern in its own right.

Acting Chief Executive of the APPEA, Damian Dwyer, congratulated Albanese and the Labor party on its election success. Dwyer states that they look forward to working with any new government in order to continue securing a stable energy supply for Australians and to further progress towards decarbonising in a cleaner energy future.

The industry has a strong track record of working constructively with all government bodies in order to deliver huge economic benefits to Australia. This includes over $5 billion a year in payments, tens of thousands of jobs and safe and reliable energy to homes and businesses across the country.

“We urge any new administration to continue to recognise the critical role of gas in the future decarbonised energy mix and the development of our region, as well as focusing policy efforts on improving the competitiveness of the nation’s investment environment,” said Dwyer.

The APPEA is committed to economy-wide net zero by 2050, which is in line with Labor’s proposed policies as well as the Paris Agreement. Additionally, many APPEA members are already spending billions of dollars on decarbonisation tools such as carbon capture and storage (CCS) and hydrogen-related technologies.