Between mid-2020 and late 2022, average gas prices in the eastern states of Australia increased four times, according to figures from the Australian Energy Regulator.

Australia is not alone: in the same period, gas prices have increased five times in the European Union (EU) and three times in America, according to commonly-accepted price indicators in these two regions.

However, Australia is alone in its policy response, with the federal government imposing last week a cap on gas prices in the eastern states of $12 per gigajoule (half the average price in November) and a mandatory code of conduct for gas producers.

The code...