CANBERRA, May 7 (Xinhua) -- Australia's new gas reservation policy requires LNG exporters to reserve 20 percent of gas exports for the domestic market, said Energy Minister Chris Bowen on Thursday in Sydney.

The new policy will take effect on July 1, 2027.

"This is a carefully calibrated model which ensures Australia's national best interests are put first," Bowen said, adding that "Australia will always be a reliable supply of energy, but with Australian needs always being catered for."

Resources Minister Madeleine King said the policy marks a "very important and historic structural shift," noting that it could "drive a permanent wedge between international and domestic gas prices."

"Gas market prices will no longer be hostage to international markets," King said.

Bowen also said that the policy will "disconnect Australian gas from spikes in the international market" and could drive prices "downward."

Australia is one of the world's largest LNG exporters, ranking as the world's third-largest LNG exporter in 2023, according to Geoscience Australia. ■