Latest news with #WestAustralians
The Age
2 days ago
- Business
- The Age
Gas is a gamble – and WA just doubled down
Premier Roger Cook says gas is good for the world, 'even if it doesn't make a good hashtag or look good on a bumper sticker.' It's a revealing remark – especially as Woodside's North West Shelf, Australia's largest gas project, has just been approved for a life extension out to 2070. That decision alone will lock in billions in gas-related investment for decades to come, shaping Western Australia's economic trajectory long after most of the world has moved on from fossil fuels. The message is clear: WA is doubling down on gas. But for many West Australians, this is starting to feel like a gamble with high stakes and few winners. It might be good for energy giants and shareholders, but for households, small businesses, and the state's long-term prosperity, the risks are mounting. We've been here before. When the mining boom collapsed around 2014, the pain wasn't limited to the Pilbara or Goldfields. Perth's housing market slumped, fly-in fly-out jobs disappeared, and state revenues fell off a cliff. The entire economy had been hitched to global commodities – and when prices crashed, so did WA's growth. Now, the same pattern is repeating. WA is a gas heavyweight – exporting 47 million tonnes of LNG last year and supplying around 60 per cent of Australia's gas. Yet despite its vast reserves and a 15 per cent domestic reservation policy, local households are still facing higher gas prices, driven not by local scarcity but by exposure to international markets. Since 2020, wholesale gas prices in WA have tripled, and consumers now face some of the highest retail gas prices in the country. If one of the world's most gas-rich jurisdictions, backed by a domestic reservation, can't deliver affordable gas to its own people then the system clearly isn't working in the public interest. It's a glaring contradiction: vast local supply, a legislated carve-out, and yet rising costs for the very people the policy was meant to protect. International energy markets are growing more volatile, not less. Global demand is softening, supply is ramping up, and price swings driven by conflict or speculation are becoming the norm. Key buyers like Japan are cutting back their LNG imports whilst on-selling around half the gas we sell them, a sign that demand is not what it once was. China's LNG imports have fluctuated significantly since 2020. And yet, instead of planning for a diversified future, WA is entrenching its reliance on gas. The approval of the North West Shelf extension to 2070 isn't just a regulatory tick, it's a signal to markets, governments and financial institutions that WA intends to stay in the gas game for the long haul. That decision will direct capital, infrastructure and political energy toward propping up a sector that faces deep structural risk – not just from climate constraints, but from basic economics. There's another economic danger. Every new dollar committed to gas is a dollar not invested in emerging industries like clean energy manufacturing, critical minerals processing, green hydrogen, green ammonia or green iron. While other states and countries build competitive advantage in renewables and advanced manufacturing, WA is backing an industry that's losing momentum and market certainty. This is the real missed opportunity. WA has what it takes to lead in the clean economy: land, labour, minerals, world-class ports and skilled workers. But for too long, successive governments have prioritised resource exports over building sovereign capability. The result is a lopsided economy, vulnerable to global shocks, and increasingly disconnected from where the world is heading.
ABC News
2 days ago
- ABC News
Stolen Generations members ineligible for redress deliver blunt message
Not all West Australians harmed by the forced removal of First Nations children in the 20th century will see reparations under a long-awaited redress scheme.
Sydney Morning Herald
2 days ago
- Business
- Sydney Morning Herald
Gas is a gamble — and WA just doubled down
Premier Roger Cook says'Gas is good, like it or not.' It's a revealing remark—especially as Woodside's North West Shelf, Australia's largest gas project, has just been approved for a life extension out to 2070. That decision alone will lock in billions in gas-related investment for decades to come, shaping Western Australia's economic trajectory long after most of the world has moved on from fossil fuels. The message is clear: WA is doubling down on gas. But for many West Australians, this is starting to feel like a gamble with high stakes and few winners. It might be good for energy giants and shareholders, but for households, small businesses, and the state's long-term prosperity, the risks are mounting. We've been here before. When the mining boom collapsed around 2014, the pain wasn't limited to the Pilbara or Goldfields. Perth's housing market slumped, fly-in fly-out jobs disappeared, and state revenues fell off a cliff. The entire economy had been hitched to global commodities—and when prices crashed, so did WA's growth. Now, the same pattern is repeating. WA is a gas heavyweight—exporting 47 million tonnes of LNG last year and supplying around 60 per cent of Australia's gas. Yet despite its vast reserves and a 15 per cent domestic reservation policy, local households are still facing higher gas prices, driven not by local scarcity but by exposure to international markets. Since 2020, wholesale gas prices in WA have tripled, and consumers now face some of the highest retail gas prices in the country. If one of the world's most gas-rich jurisdictions—backed by a domestic reservation—can't deliver affordable gas to its own people, then the system clearly isn't working in the public interest. It's a glaring contradiction: vast local supply, a legislated carve-out, and yet rising costs for the very people the policy was meant to protect. International energy markets are growing more volatile, not less. Global demand is softening, supply is ramping up, and price swings driven by conflict or speculation are becoming the norm. Key buyers like Japan are cutting back their LNG imports whilst on-selling around half the gas we sell them, a sign that demand is not what it once was. China's LNG imports have fluctuated significantly since 2020. And yet, instead of planning for a diversified future, WA is entrenching its reliance on gas. The approval of the North West Shelf extension to 2070 isn't just a regulatory tick—it's a signal to markets, governments and financial institutions that WA intends to stay in the gas game for the long haul. That decision will direct capital, infrastructure and political energy toward propping up a sector that faces deep structural risk—not just from climate constraints, but from basic economics. The danger isn't only environmental. It's economic. Every new dollar committed to gas is a dollar not invested in emerging industries like clean energy manufacturing, critical minerals processing, green hydrogen, green ammonia or green iron. While other states and countries build competitive advantage in renewables and advanced manufacturing, WA is backing an industry that's losing momentum and market certainty. This is the real missed opportunity. WA has what it takes to lead in the clean economy—land, labour, minerals, world-class ports and skilled workers. But for too long, successive governments have prioritised resource exports over building sovereign capability. The result is a lopsided economy, vulnerable to global shocks, and increasingly disconnected from where the world is heading.
The Age
2 days ago
- Business
- The Age
Gas is a gamble — and WA just doubled down
Premier Roger Cook says'Gas is good, like it or not.' It's a revealing remark—especially as Woodside's North West Shelf, Australia's largest gas project, has just been approved for a life extension out to 2070. That decision alone will lock in billions in gas-related investment for decades to come, shaping Western Australia's economic trajectory long after most of the world has moved on from fossil fuels. The message is clear: WA is doubling down on gas. But for many West Australians, this is starting to feel like a gamble with high stakes and few winners. It might be good for energy giants and shareholders, but for households, small businesses, and the state's long-term prosperity, the risks are mounting. We've been here before. When the mining boom collapsed around 2014, the pain wasn't limited to the Pilbara or Goldfields. Perth's housing market slumped, fly-in fly-out jobs disappeared, and state revenues fell off a cliff. The entire economy had been hitched to global commodities—and when prices crashed, so did WA's growth. Now, the same pattern is repeating. WA is a gas heavyweight—exporting 47 million tonnes of LNG last year and supplying around 60 per cent of Australia's gas. Yet despite its vast reserves and a 15 per cent domestic reservation policy, local households are still facing higher gas prices, driven not by local scarcity but by exposure to international markets. Since 2020, wholesale gas prices in WA have tripled, and consumers now face some of the highest retail gas prices in the country. If one of the world's most gas-rich jurisdictions—backed by a domestic reservation—can't deliver affordable gas to its own people, then the system clearly isn't working in the public interest. It's a glaring contradiction: vast local supply, a legislated carve-out, and yet rising costs for the very people the policy was meant to protect. International energy markets are growing more volatile, not less. Global demand is softening, supply is ramping up, and price swings driven by conflict or speculation are becoming the norm. Key buyers like Japan are cutting back their LNG imports whilst on-selling around half the gas we sell them, a sign that demand is not what it once was. China's LNG imports have fluctuated significantly since 2020. And yet, instead of planning for a diversified future, WA is entrenching its reliance on gas. The approval of the North West Shelf extension to 2070 isn't just a regulatory tick—it's a signal to markets, governments and financial institutions that WA intends to stay in the gas game for the long haul. That decision will direct capital, infrastructure and political energy toward propping up a sector that faces deep structural risk—not just from climate constraints, but from basic economics. The danger isn't only environmental. It's economic. Every new dollar committed to gas is a dollar not invested in emerging industries like clean energy manufacturing, critical minerals processing, green hydrogen, green ammonia or green iron. While other states and countries build competitive advantage in renewables and advanced manufacturing, WA is backing an industry that's losing momentum and market certainty. This is the real missed opportunity. WA has what it takes to lead in the clean economy—land, labour, minerals, world-class ports and skilled workers. But for too long, successive governments have prioritised resource exports over building sovereign capability. The result is a lopsided economy, vulnerable to global shocks, and increasingly disconnected from where the world is heading.
West Australian
2 days ago
- Business
- West Australian
Financial abuse by ‘inheritance impatient' adult kids exposes the dark side of our cost-of-living crisis
Australia is in the thick of a cost-of-living crisis that affects every generation in a different way. For baby boomers and those who are well into their golden years, many own a home or property and are receiving a government pension or are self-funded retirees. They may be travelling, downsizing or just starting their retirement. Generation X is now in mid-life and many are homeowners themselves with mortgages, teenage or younger children and ageing parents. And then we have the younger gens: Gen Z and Alpha who are facing incredibly high property prices, interest rates and salaries that often don't match. For this generation, home-ownership may indeed be a dream. At Advocare we advocate for older West Australians who may be experiencing abuse. Some of that is unfortunately financial abuse, and a trend we are seeing more of in 2025 is 'inheritance Impatience'. This year we have seen a 20 per cent increase in elder abuse in WA. Inheritance Impatience is when adults feel entitled to their ageing relative's assets. And while it may be a new term, sadly financial abuse is not. For older people this often occurs when the abuser uses power and manipulation to control and withhold their money and assets for their own benefit. This often leads to the older person's finances being misappropriated and drained, leaving them helpless and powerless. The data on this abuse suggests that in up to 80 per cent of cases, the abuser is a close family member — most often a son or daughter. Baby boomers are living longer, healthier and more fulfilled lives — particularly those who have hung up the work boots and set sail for retirement. This generation is entering their golden years and cashing in on their long, hard-working careers to enjoy their lives to the fullest and spend their nest eggs. And why shouldn't they? But where there's a positive, there's also a negative. When adult children who have been waiting around to get their hands on Mum and Dad's wealth see their parents living very well, not showing any signs of slowing down and spending 'their inheritance', they start to become concerned there will be nothing left when they bid them farewell. Throw in a cost-of-living crisis where adult children and their families across WA are struggling to pay huge mortgages, school fees, household bills and groceries and you have a perfect breeding ground for impatience and animosity toward older people who seem to be 'living it up'. Family members become increasingly impatient, convince themselves that they're entitled to their inheritance and that they shouldn't have to wait, and the older person becomes a victim of financial abuse. In the past few years, the Advocare WA Elder Abuse Helpline has seen an increase the abusive behaviours of adult children towards older parents, such as: * Giving ultimatums to pressure money to be handed over. * Convincing their parents that gifting property to them is in their best interests. * Taking advantage of their parents' dependence on them to manage technology (such as internet banking or online shopping). * Gaslighting parents to convince them they're confused and require assistance to manage their money — thereby gaining access. This behaviour is unacceptable, and it's unbelievable that it can be targeted at vulnerable older people by those they trust the most. As a community, we need to check our bias and remember that every generation faces hardships and adversity at some point. There is no excuse for abusive behaviour towards older people — a group of people we should be cherishing, valuing and protecting. For older people who are at risk of financial abuse by a close family member, it's important to seek independent legal and financial advice. Familiarise yourself with enduring power of attorney arrangements and be confident in setting expectations of those who you appoint. Inheritance is not a right. It's a privilege and a wonderful gift if you're lucky enough to receive one. Speaking of luck, with a bit of that on our side, we'll all grow old one day and we deserve to be respected when we do. Advocare is WA seniors' peak body. If you, or someone you know, might be experiencing financial abuse – call Advocare's WA Elder Abuse Helpline on 1300 724 679 for a confidential chat. David Thompson is a specialist financial advocate at Advocare.
