The prime minister will meet gas industry chiefs on Wednesday for what's been described as a "frank conversation" about the energy crisis.
The meeting is aimed at ensuring there is enough gas to meet peaks in demand, more supply comes into the market and downward pressure is put on prices as quickly as possible.
"It is not acceptable for Australia - shortly to become the world's largest exporter of liquefied natural gas - to not have enough gas for its own families and its own businesses," Mr Turnbull told reporters in Canberra ahead of the talks.
The gas companies operated with the benefit of a "social licence" from the Australian people.
"They cannot expect to maintain that, if while billions of dollars of gas are being exported, Australians are left short," Mr Turnbull said.
He stopped short of saying the government would mandate an amount of gas be kept domestically, not sold overseas, but did warn the commonwealth had considerable powers over all exports.
Labor wants a national interest test in place to reserve gas for Australian domestic users if needed.
"Labor's policy is clear: there must be a local gas available for local
industry," Opposition Leader Bill Shorten said.
"We must look at all viable options to secure our domestic gas supply."
He warned the government real action had to come out of Wednesday's meeting, not "yet another talk-fest".
The energy market regulator predicts a shortage of gas could lead to widespread power shortages as soon as next year.
The peak body for the industry blames state governments for development moratoriums and high regulatory costs.
Companies represented at the talks will include Santos, Shell Australia, ExxonMobil, Origin, Total, Asia Pacific LNG, Beach Energy, GLNG Operations and Senex, as well as the Australian Petroleum Production and Exploration Association.
