This report looks under the hood of Australia’s LNG growth wave, examining whether it has created value for shareholders. It is a critical issue to examine at this time because Australia’s LNG industry is looking to progress new projects, including within the Beetaloo, Canning and Browse basins. Australia exported more LNG than any other country in 2022, a scale achieved by eight projects that reached FID between 2007 and 2012; Woodside’s Pluto project, Chevron’s Gorgon and Wheatstone projects, three east coast LNG plants supplied by coal seam gas, Inpex’s Ichthys project and Shell’s Prelude.