The Federal Government says it will go ahead with plans to restrict gas exports to try to counter domestic shortages causing high prices in Australia.

"We realize that electricity prices and energy prices generally are absolutely a top priority issue for all Australian families and businesses," said Prime Minister Malcolm Turnbull.  "We absolutely understand that," he added.  "That's why we're taking strong action.  In fact, unprecedentedly strong action to address it and we are dealing with the consequence and going there."

Imminent power price hikes will impact much of Australia from 1 July.  But the new regulations to restrict gas exports won't start until 1 January 2018, so it's not likely that people and companies will see relief immediately.

The Government is also moving to abolish the limited merits review, which Mr. Turnbull says allowed gas companies to take advantage of the process and charge consumers a collective extra $6.5 Billion.