Australia extends domestic gas security supply mechanism until 2030

Australia will extend its domestic gas security supply mechanism until 2030, Resources Minister Madeleine King said on Monday, after the competition watchdog warned the country's east coast could face a major shortfall next year.

The government will also begin talks for a new heads of agreement with major natural gas producers, King told reporters.

The Australian Competition and Consumer Commission on Monday urged the federal government to curb liquefied natural gas (LNG) exports saying the likely shortfall would pose a substantial risk to the country's energy security.