The proposed price caps for natural gas are more stringent than we had thought because the government intends to regulate prices for the foreseeable future. However, we still think that the impact on investment in new gas projects won’t be as negative as many think because the bulk of gas is exported and export prices won’t be regulated. Meanwhile, the strength of the latest activity data suggest that both the RBA and the RBNZ have more work to do to bring inflation under control.
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