Labor wants review of Australia’s gas supply trigger ‘within weeks’ to avoid future shortage

Cabinet agrees to extend mechanism into next year and review will look at supply as well as prices

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The Albanese government wants the outcome from a review of its so-called gas trigger within weeks" to reduce the risk of a repeat of last week's crisis that almost left Victoria short and sent spot market electricity prices soaring.

Federal cabinet agreed on Thursday to extend the Australian domestic gas supply mechanism beyond its current operations into next year. The review of the mechanism, the second since its creation in 2017, would also look at whether it will address not only prices but supply, the resources minister, Madeleine King, said.

It is a long, complicated, convoluted and ineffective mechanism that takes a very long time to produce results," King told a media conference after cabinet met in Sydney.