Australia’s Minister for Industry says the Government’s plan for the future of the energy industry will seek to increase productivity and reduce regulation.

Industry Minister Ian Macfarlane says his reformation of the energy industry has begun with moves to repeal the carbon tax, which “will lower energy costs for industry and households,” he said.

“There is a real need to address pressures in our electricity and gas markets to ensure these markets operate as efficiently as possible to promote competition and better outcomes for consumers.”

“I will finalise the current Council of Australian Governments energy market reform agenda,” Minister Macfarlane said

“The solutions are not easy but are vital to protect all Australians from future energy price pressures and to protect and maintain our economic competitiveness... we have also prioritised a new Energy White Paper to ensure industry and consumers can have certainty and confidence in government policy.”

Industry Minister Ian Macfarlane has confirmed the Australian Government’s commitment to delve deep into the gas supplies of the country’s eastern coast.

“There are windows of opportunity which drive these developments and there is fierce international rivalry in the race to secure important markets. Missing those windows will mean a loss of those opportunities for Australia,” he said

“Australia’s energy security is being compromised through slow approval processes and excessive green tape,” Mr Macfarlane said

“This is why the Government will cut red and green tape, by working closely with states and territories to create a one-stop-shop to encourage the fast approval and commencement of new projects.”

“The Coalition Government will work with the industry to restore policy certainty to the energy sector.”

Some speculation has emerged as to how far the outlook for Australia’s energy future is actually seeing. Commenters say that the reduction of regulations and the mass-exploitation of gas supplies will do little to solidify the energy supplies for the country - beyond the limited use of buried, burnable resources.