New Australian gas projects will be forced to provide supply to the domestic market, with an east coast reservation scheme to be considered under a sweeping review into the regulations of the sector by the Albanese Government.

Australia's defence spending is also under heavy scrutiny with the PM not budging.

Shadow Defence Minister Angus Taylor told Peter Fegan on 4BC Breakfast, "We need a substantial reduction now and that's why it's incredibly important we see more East Coast gas being reserved for Australians."

"Not in 20 years' time, it has to be done now."

"That'll bring down electricity prices."

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