Yes, the number of jobs shrinks as construction projects wind down.
But the industry and its supply chain are still likely to employ about 55,000 to 65,000 people in highly skilled, well-paid jobs.
By 2020, Australia’s hydrocarbon production should exceed the Gulf of Mexico’s.
Today our industry represents about 2.1 per cent of Australia’s GDP, contributing about $35 billion to the national economy.
By 2030, that contribution is projected to be about $67 billion. As our industry achieves a truly global scale there is great potential to grow the local supply chain.
McKinsey estimates that a further 10,000-15,000 jobs and $1 billion in exports could be generated.
The second part of our case is that gas must be part of the transition to a low-emissions future.
Gas is ideally suited to complement renewable energy.
Unfortunately, this is not widely understood in the community.
While we are seeing steady improvements in storage technology, the power generated by wind and solar sources is intermittent – it often declines at times of peak demand.
In contrast, gas-fired generation can respond quickly to changes in renewable output and market demand.
As renewable energy’s share of the mix rises, we need more gas to support security of supply.