Australia

What are the PM's short-term gas supply solutions

Australian Prime Minister Malcolm Turnbull
Malcolm Turnbull (AAP) Source: AAP

Prime Minister Malcolm Turnbull has unveiled plans to impose export controls on gas companies when there's a domestic supply shortage.

THE PRIME MINISTER'S PLAN TO DELIVER CHEAPER GAS:

* Introduce the Australian Domestic Gas Security Mechanism.

* The government will have the power to impose export controls on gas companies when there is a domestic supply shortage.

* Resources Minister Matt Canavan will impose the controls based on advice from the regulator and energy market operator.

* Companies will not be told how they will have to respond, with options including gas swaps.

* It is expected to apply only to east coast exporters and will comply with Australia's international obligations.

* It is a temporary measure, with boosting the supply of gas through removing state restrictions on exploration a longer-term solution.

* Consultation with industry before the July 1, 2017, start date.

Source: Prime Minister Malcolm Turnbull's statement