Australia's gas market tightens due to surplus drop, economic risks persist without more exploration.

Australia's gas market is tightening, with the Australian Competition and Consumer Commission (ACCC) projecting a surplus drop from 5% to 2.5% for the first quarter of 2024-25. The Albanese government approved two offshore drilling operations to bolster supply, but experts warn that without more exploration, future shortages are likely. Despite being a major gas exporter, domestic needs are at risk, particularly in southeastern states, highlighting ongoing supply challenges.