Labor says a national interest test for gas export projects will help keep a lid on prices and shore up supplies for business and households.

However, the coalition has labelled the policy as disastrous for investment, leading to less gas supply.

A Foreign Investment Review Board-styled body would be set up under a Labor government to scrutinise future export projects.

Shadow treasurer Chris Bowen insists Labor is a strong supporter of liquefied natural gas exports.

"We want to ensure that we don't face the situation in the future, as has been predicted, that more and more manufacturing facilities face closure, not only because of the price of gas but because they just can't get any gas," he said.

A number of industry groups and unions have been calling for the national interest test, which came out of the ALP national conference last year.

Under the plan, a domestic gas review board would advise the treasurer of the national interest implications of an export facility or a significant expansion of an existing export facility.

Mr Bowen said similar boards in the United States and Canada had allowed strong growth in the sector.

Australia is on the cusp of becoming the world's largest LNG exporter, having seen more than $200 billion invested in the past decade.

Australian Workers Union national secretary Scott McDine said it was important multinationals did not have "absolute control" over the nation's gas reserves.

"Under the Liberals, Australia finds itself the only developed nation on the planet which allows gas exporters to extract our gas and sell it to the highest international bidder without any restriction whatsoever," he said.

This meant Australian households and industry were being forced to match the highest international prices for gas.

Resources Minister Josh Frydenberg said the competition watchdog had said last month gas reservation policies would "reduce the likelihood of new gas supply sources being developed".

The coalition's approach was to encourage more gas development by fast-tracking approvals, working with the states and mapping potential new resources, he said.

Australian Pipelines and Gas Association chief Cheryl Cartwright said any kind of government intervention or regulation would not assist the imbalance in domestic gas supply and demand.

"What is needed is encouraging more supply to the market - you don't do that by threatening investment," she told AAP.

Allowing more gas development in NSW and Victoria would make a big difference, she said.