Chris Bowen
McMahon · Australian Labor Party · Australia
“This builds on very important investments in our community, including 3,000 presentations to the Fairfield Medicare Urgent Care Clinic, including, in a couple of instances, members of my own family; 25,000 presentations to the Wentworthville urgent care clinic, which is important for the Greystanes and Pemulwuy community; and 22,000 prese…”
“Well, it's 1 July, an important day in our ambitions to deliver real change for Australians—real change that the Australian people instructed us to commence in 2022 and instructed us to keep going with in 2025. It's an important day with that real change and with a very strong focus on cost-of-living relief.”
“I thank the honourable member for the question. I can confirm for the honourable member that there is nothing 'so called' about free power when it's a requirement of law for the energy companies to provide it as an option to people in the relevant jurisdictions, including the constituents of Fowler.”
“I thank the honourable member for the question and thank her for our recent visit to a wonderful part of the world. One of the things we did was talk about cheaper home batteries. Today is 1 July, which means the cheaper home batteries policy is officially one year old today.”
“For those people who take that offer up, Morgan Stanley have found, for example, that some families could save $660 a year, which we on this side of the house think is a good thing. Those on that side of the house are opposed to it.”
“When we came to office, home batteries were in one in 60 houses. Now it's one in 17. That's wonderful for those families that are reducing their bills, in many cases to nothing and in some cases getting a rebate instead of a bill, but it's very good for putting downward pressure on energy prices for everyone.”
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“I thank my honourable friend for the question. In the face of the largest energy crisis in the history of the world and in the face of one of our major refineries catching on fire at a very untimely development, I can report to the House that Australia has substantially more fuel today than we did on the day Iran was bombed. In fact, in relation to diesel, which the agriculture sector and regional Australia relies on so much, I'm pleased to tell the House that, at 38 days' worth of holdings, it is the highest holding Australia has had since the minimum stock obligation came into force in 2023. We have 43 days' worth of diesel and 31 days' worth of jet fuel.”
“They don't understand that people in regional Australia want to embrace these opportunities, like the people of Mallee with the cheaper home battery policy. Well, this government will back the people of Mallee and the people of Riverina and all the people who want to take cheaper home batteries while those opposite betray regional Australia and don't stand up for their rights to make the choices they want to make.”
“The member for Mallee said, recently, it should be reined in, and said: 'There has been a very low take-up of the home battery scheme in Mallee, while wealthy households in leafy suburbs in Sydney and Melbourne enjoy lower power bills thanks to Albanese Labor government subsidies.' In fact, Mallee has seen take-up of 1,466 home batteries, which is six times Melbourne, because this is take-up in the outer suburbs and regions of Australia. With the member for Mallee being so in command of maths, I reckon she's a real hot candidate for shadow treasurer, because that sort of maths is what this shadow treasurer brings to the table. But this lack of understanding of regional Australia is what all of those opposite share.”
“A sovereign domestic stockholding, owned by the people; support for electric vehicles; support for cheaper home batteries—all were opposed by those opposite. And we'll hear some of that tonight. I hope the Leader of the Opposition has the courage to tell Australians what he'll do with the cheaper home batteries policy, for example. He has said it should be paused. His shadow minister has said it should be frozen. And Senator Hume has said it should be means-tested. So let's see what they actually do.”
“When we came to office, an Australian bought an electric vehicle once every 50 minutes; now it's once every three minutes. Australians are also doing that in their homes when they're taking up batteries. And I'm very pleased that the budget delivered by the Treasurer on Tuesday night continued and locked in that support for Australian households to make the choices they want. I'm pleased to give the House a little update and tell the House that, as of today, 398,123 households have installed a cheaper home battery. I confess I was hoping to hit 400,000 today, but that'll be tomorrow—just a little forward sizzle: 400,000 houses, tomorrow, will have installed a battery. Now, we know there's another thing which all these policies have in common.”
“I thank the honourable member for his question, and for the work he does in representing the people of suburban Melbourne in this House and doing it so well. Of course, this budget builds Australia's sovereignty, when it comes to energy, by building a sovereign fuel stock, held by the Australian government on behalf of the people, but also by giving Australians support for the choices they want to make to diversify their choice of energy and to make sure they are secured and protected from energy shocks in the future, because Australian households are doing that in great numbers. They know that, if they change their choices, they can protect themselves against shocks in the future. That's why so many Australians are buying electric vehicles.”
“They couldn't even get the maths right. Not only would they not have a government owned reserve; their private reserve doesn't add up. It doesn't matter whether it's 800 million or 80 billion; the fact of the matter is that, whatever figure they choose, they haven't done the homework. Their maths don't work. They would weaken Australia's fuel security. They would weaken Australia's resilience, and the Albanese government will strengthen it.”
“I'll tell you who hasn't welcomed a government owned strategic reserve: the Leader of the Opposition, who said, 'They're going to compete in the market with the private sector; that's what this government always thinks—that the government is always the entire answer.' So the opposition—or at least the Liberal Party; I'm not sure about their coalition partners, the Nationals and One Nation—would oppose a government owned strategic fuel reserve and take us backwards. But it's even worse than that, because we believe a government owned fuel reserve is an important complement to increasing the minimum stock obligations of the private sector. You need to do both. The opposition leader announced he would increase the minimum stock obligation to 60 days and said it was a billion litres. Well, a billion litres gets you to 37 days.”
“GrainGrowers Australia said: Establishing a domestic government-owned Australian Fuel Security Reserve demonstrates significant progress … The National Farmers' Federation have said: Todays' announcement of a $10 billion Australian Fuel Security and Resilience package is a welcome step toward building the sovereign capability we need to protect our food system. The Australian Livestock and Rural Transporters Association has said: The Government has made the right call. A strategic national reserve is long overdue … And they commended the government for getting it done. These are all rural and regional peak groups that have welcomed a government owned strategic reserve.”
“One of them of importance to rural and regional Australia is the $1.1 billion fund that the minister for transport and the Treasurer and I have announced to support cleaner fuels—that is, biofuels—so that the farmers of Australia can take products like canola and tallow and turn them into fuel, which improves our fuel resilience and is great for Australia's farming sector. But we also know that there's even more to do, and that's why another element is a $3.2 billion commitment for a strategic fuel reserve owned by the government for the people. That's a key initiative, and that's been welcomed across regional Australia.”
“The member for Bendigo is a champion for rural and regional Australia, and I thank her for the question. The member for Bendigo knows the importance of fuel security for her constituents, and that's why this government has worked so hard over the last 2½ months to ensure that we now have more fuel in Australia today than we did on the day the Iran war broke out. But this government also knows we need to build for the future. That's why there was a $14.8 billion package for fuel security and cost-of-living relief in last night's budget, and that package has many elements.”
“That is building for the future. That is using the government for good purpose. The private sector holdings are important, and we've increased the obligation on them as well, but that alone is not enough. Twenty-two out of the 32 International Energy Agency governments hold a strategic reserve. Until today, that has not been the case for Australia. That changes tonight as the Albanese government ensures that the Australian people will own a fuel reserve, to be used at the behest of the government for the best interests of the Australian people. (Time expired)”
“It's a result of decisions the government has made in relation to sulphur and the flashpoint of diesel and so much more. The honourable member asked me what further steps we will take. The government has been focused on the short term, in shoring up fuel supply, but also, importantly, building our resilience for the future, because these international shocks are likely to get more frequent, not less. That's the international environment in which we work. As a result, the Albanese government has made a decision to build a government-owned strategic reserve. It comes at considerable cost, but it's an investment that's worthwhile. A billion litres will be owned by the government and kept in reserve, to be used and deployed to areas of regional shortage when that emerges, as it can often do and as we saw in the early days of this situation.”
“Despite all that, I am in a position to tell the House that Australia has more fuel here in our country today than we did on 28 February. We have 42 days worth of petrol, 35 days worth of diesel and 29 days worth of jet fuel. That is more petrol and diesel than on 28 February. In fact, in relation to diesel, it is the second-highest result we have had since the minimum stock obligation came into force in 2023. That is a result of government and industry working together. It's a result of the Prime Minister working with our South-East Asian trading partners so closely, ensuring that those trading relationships and our foreign affairs relationships are in good working order and ensuring that our friends and trading partners are aware of the importance for Australia.”
“I thank my honourable friend for her question and, more importantly, for the representation she gives to the workers of the Lytton refinery in her electorate, which she's very proud of and we're very proud of too. The situation in the Middle East has led to what the executive director of the International Energy Agency has said is an impact on world energy supply as big as all the 1970s energy shocks and the Ukraine war—and, worse than that, all put together. That, of course, has had an impact right around the world, including in Australia. In fact, in Australia we've also dealt with a very badly timed fire at the Geelong refinery. We're very pleased no-one was hurt, but there's no doubt it came at the worst time possible.”
“There is a massive impact on the global supply chain of oil and petrol, as we have been saying all through March, but our job is to secure as best we can the supply of fuel in those circumstances, and that's exactly what we've done. We have provided information on that transparently each and every day, and I'll continue to do so over Easter.”
“The Prime Minister has already answered that question. The answer is no, and the situation remains, as the government has said on multiple occasions. There were six ships scheduled to arrive sometime in April that were cancelled, and they have been replaced, and then replaced by more, with three spot cargoes, and I expect that number of spot cargoes to increase materially with the passage of the government's bill to enable Export Finance Australia to support the import of fuel. I can confirm that, for the month of April, orders that are finalised and confirmed amount to two billion litres of diesel, 719 million litres of petrol and 740 million litres of crude. Now, I'm not quite sure what case the opposition is trying to make here, but the case that the government is making is that the international circumstances are very uncertain.”
“I thank the honourable member for his question. The National Fuel Security Plan, as agreed by National Cabinet, says that preference would be given to critical users, such as life-supporting services, utilities and emergency services. Also relevant, although we've made very clear we do not contemplate needing to use it, is the Liquid Fuel Emergency Act, the instrument that is current, which outlines the essential and critical services. They are an ambulance service, a corrective service, a fire or rescue service, a police service, a public transport service, a state emergency service or equivalent organisation and a taxi service. This is determined by a determination issued by the minister for energy. I'm happy to table the current determination, which reads 'I, Angus Taylor, minister for energy, make the following determination'.”
“There are a number of elements that need to be determined in close consultation with industry, and by industry I don't just mean gas producers. I also mean heavy industry and gas users. We are talking to both sides of the equation, if I put it that way. That's what a good government does—consults deeply. But ultimately the cabinet will decide the parameters of the gas reservation on the recommendation jointly from the Minister for Resources and me, and we intend to make sure it works for Australians because the gas that's under our soil and our waters should be gas that the Australian people have first rights to when it comes to the needs of heavy industry and the Australian energy system.”
“I thank the honourable member for the question. The answer is that we are very much absolutely confirmed and determined to introduce the gas reservation policy announced by the Minister for Resources and me just before Christmas. We announced it would start on 1 January 2027, although we announced that also from the date of announcement we would regard any contracts entered into at that point as being new and therefore covered by the new regime. The Minister for Resources and I have been consulting very deeply. We called for submissions in December. That call for submissions closed about a fortnight ago. We received, I think, 53 submissions that the minister and I have been working through very carefully. We are now engaged in detailed design.”
“He informed me he's gone to see Senate question time, which I told him was a very poor choice on his behalf! Nevertheless, he's in the Senate chamber as we speak. He assured me, as Prime Minister Wong assured Prime Minister Albanese earlier this week, that Singapore regards their role in supplying our liquid fuel security most seriously indeed. Tomorrow, I'll be meeting with my Brunei ministerial counterpart, Dato Azmi, who is another important supplier for Australia. That discussion is important as well in terms of ensuring the flow of energy between our two great nations, Brunei and Australia. So, whether it's international engagement or giving our agencies the tools they need to get the job done, securing Australia's fuel security has been our focus since 28 February. (Time expired)”
“I can also tell the House that Export Finance Australia has been in detailed conversation with 10 separate companies about going and getting those cargoes, and those conversations started on Sunday, just after the Prime Minister and I announced this intervention. This gives us the best chance in a very difficult international environment—with supply chains under real pressure, with real pressure from the Middle East—to go and get those cargoes for Australians, where we want them in the national interest. And that's a good thing. We also continue our engagement with our supply partners, our international partners. This morning, I met with my friend and much valued colleague the Singaporean minister for energy Dr See Leng Tan, who is in Australia at the moment, to discuss the energy crisis. I had a very good chat with him.”
“The opposition, when we've done it, have said, 'They've been too late,' even though they've never suggested them in the meantime and have never called for those actions. But it's also what's driven our legislation in relation to giving Export Finance Australia the capacity to support Australian importers and refiners to go and get the fuel that is available in the world for Australians. I'm pleased to tell the House that the legislation, of course, passed the House on Monday, passed the Senate tonight and will be submitted to Her Excellency the Governor-General for signature this evening, and subject to her agreement will be the law of the land and will be implemented tomorrow. But we're not waiting.”
“I thank the member for her question, and likewise congratulate her on her contribution in this House. In the time that she's been here, she has been a much valued colleague. Securing Australia's fuel supply has been the focus for this government since 28 February. Since the National Security Committee met at eight o'clock in the morning on the day after the bombing of Iran, that has been our focus—and in all the meetings since. It was our focus when we changed the fuel quality standards. It was our focus when we released 20 per cent of the strategic reserve. It was our focus when we changed the diesel standards. These were all actions undertaken by this government—not called for by the opposition, not suggested by the opposition.”
“I thank them for the work they're doing for those Australians who rely on them. Many elderly people rely on taxis and many people with disabilities rely on taxis, and we'll do everything we can to support those industries.”
“Again, as the Prime Minister and I have both made repeatedly clear to members opposite, if you have constituents you'd like us to pay particular attention to, to speak with about their particular needs, if there have been shortages, and to put in contact with the relevant fuel companies—I've done that in plenty of instances with honourable members opposite. The Prime Minister is willing to do it. If the honourable member wants to provide me with details, I'd be very happy to take up the case, find out who the distributors are and provide that company with as much reassurance as I can. Again, we know that those shortages have caused real concern. I again express my thanks to the taxi companies and transport operators right around Australia, who are finding this situation very stressful.”
“I can say that, with the release of the minimum stockholding obligation, which the government instituted with the requirement that that be delivered to regional Australia, for example, one company has increased its sales by approximately 200 kilolitres a day in Brisbane to wholesalers; in the Central Queensland and Mackay regions, an additional 300 kilolitres has been allocated to three local regional distributors to supply mining and rail customers in Far North and North Queensland; and an additional 15 per cent allocation is flowing to support Indigenous communities in Cape York. These are the sorts of opportunities that have been taken up as a result of that.”
“For example, in Queensland, at the two relevant terminals for parts of Queensland, Gladstone petrol sales are up 48 per cent during the month of March and Mackay sales are up 55 per cent during the month of March compared to the previous March. That tells me two things. When sales out of a terminal are up so much, that means the demand continues to be very high but the supply is much higher as well. That is certainly the case.”
“I thank the honourable member for his question and, of course, we thank the taxi operators in his electorate for the service they provide to the people in that electorate, like all of our electorates, who require special assistance. That is the reason why we've worked so hard to ensure fuel security in Australia. The honourable member, I'm sure, would inform his taxi operators that the supply of fuel to Australia continues at the rate we would expect. But, as this government has always said from the beginning of this crisis internationally, there have been real shortages in regional Australia, and we've worked hard to ensure that those shortages are dealt with.”
“The member for Lyne asked me before about deliveries out of the Middle East to Asia. I can say around 46 ships have left the Middle East through the Strait of Hormuz since this conflagration broke out. That is way down on pre-conflict levels. That should not come as a surprise to the honourable member. That's why we're taking such actions as we're taking. Also, Saudi Arabia have increased their exports from the port of Yanbu so they don't have to go through the Strait of Hormuz. I've been in contact with my colleague and friend the Minister of Energy of Saudi Arabia, His Highness Prince Abdulaziz Al Saud. He has obviously had plenty to do over the recent months. I've had that relationship with him through my role in international discussions, which is a good thing for Australia, I submit—and we'll continue. We'll continue.”
“I thank the member for his question. I'll set it out as clearly as I can. There are currently more than 53 ships on their way to Australia. The arrival of some is imminent. Others are just leaving the refineries as we speak. So that's an average. Of course, a ship from the United States takes about a month to get here. It's a lot quicker than that from Singapore and Malaysia. So that comparison the honourable member has made is just not a fair comparison. It's apples and oranges. We do expect, on average, 81 ships a month to arrive. That's a historical average. That is the case, and all the evidence is that that will continue well into May now. That's why we keep giving the Australian people those factual updates—so that they have that. And I can confirm there is 3.7 billion litres on the water to Australia as we speak.”
“Of course, we've been in constant contact—the Prime Minister, the Foreign minister and I—with our respective counterparts, and we're very pleased with the way those conversations have gone.”
“I thank the honourable member for the question. There are currently more than 53 ships on their way to Australia from refineries around the world—Asia, the United States, Mexico and other places. I can confirm that 3.7 billion litres are contracted legally to arrive in Australia over April. We've been very clear that there are risks in the supply chain—because it is true. Asia gets the majority of its oil from the Middle East through the Strait of Hormuz. That is true. That's why we've taken the actions we have taken, like releasing more of the minimum stock obligation and, most particularly, introducing the legislation that will pass the Senate this evening. That's why—to be prepared. Asian refineries don't just supply Australia; they supply Asia, too. That's how it generally works.”
“As of today, we have now passed 300,000 home batteries installed since 1 July—in fact, 300,188, with 1,508 of them in the electorate of Corangamite. Australians are storing their renewable energy for the night, reducing their use of gas and reducing the use of gas in our system more broadly, which is good for affordability and good for reliability as well, because that solar energy cannot be interrupted by any international dispute. That solar energy can be stored for the evening. Australians are reducing their bills and their emissions. That's a policy that this government will keep implementing. Others have announced its abolition. We won't let that happen, because 300,000 Australian households have done it, and many more thousands of households are planning to do it in coming months. (Time expired)”
“We acted, and, after being announced on Saturday, the legislation was introduced on Monday and was passed through the House of Representatives last night. I hope and expect it will pass through the Senate this evening. This gives Export Finance Australia the capacity to finance and work to ensure that those spot cargoes, which are available but are very expensive and very risky, come to Australia for Australian use. That's what this government has ensured through this action, and that's a very good thing. The member for Corangamite also asked me about energy more broadly. Our work there hasn't stopped. Despite our focus on petrol and diesel, our work on electricity hasn't stopped, and nor have Australians stopped. I'm pleased to inform the House of a small milestone today.”
“I'm pleased to inform the House, as we previously have, that any cancelled ships have been more than replaced. Today the latest advice to me is that there are now, as we speak, more than 55 ships on their way to Australia laden with fuel. We are expecting and have contracted 3.7 billion litres of fuel to arrive in Australia during the month of April. That is contracted, locked in and owned by Australian companies. This is a good thing. We also need to prepare for any eventualities in this uncertain environment. That's why the government acted quickly after energy companies—oil companies and fuel companies—raised with us early last week the increasing volatility in the oil price and that it would be potentially too risky in the future to buy these cargoes.”
“I thank the member for Corangamite for her question. I very much enjoyed visiting the Viva refinery in Geelong with her not that long ago, as I've done previously with the Deputy Prime Minister. They're both very proud of the workers there, as we are, and I thank the member for Corangamite for all the work she does. The focus of the government since 28 February has been ensuring the supply of energy to Australia. I'm pleased with the actions we've taken, like increasing the amount of fuel available through releasing 20 per cent of the minimum stock obligation, changing the sulphur rules and changing the diesel rules. All this has been necessary in the face of the most volatile energy situation that the world has seen—certainly since I was born. This is the action the government has taken.”
“The Northern Territory government does advise me that some of those would be as a result of road closures and flooding, but, in the interest of full disclosure, I do provide those figures. The ACT has five without diesel and two without unleaded. As previously advised, those shortages in the ACT are normally filled within the same day.”
“In New South Wales, out of 2,400 service stations, there are currently 247 without diesel and 61 with total stock out. In Queensland, where we have roughly 1,800 service stations, there are 77 with no diesel and 39 with no unleaded petrol. In Victoria, where we have 1,627 service stations, there are 82 with no diesel and 40 with no petrol. In South Australia, where there are roughly 700 service stations, we have 20 without diesel and 13 without unleaded petrol. In Western Australia, where there are 771 service stations, there are 18 without diesel and 14 with no unleaded petrol. In Tasmania, where there are 294 service stations, eight are without diesel and 15 with one or more grades unavailable. In the Northern Territory, there are 180 service stations. Five are without diesel, four have no unleaded.”
“Viva, for example, which is the refinery in Geelong has advised me today that their deliveries to regional Australia in the last week are 55 per cent higher than normal. That's a good thing. They are prioritising deliveries direct to distributors who go to farmers and who go to those who are involved in agriculture, and that's a good thing. There's a lot more work to do.”
“I thank my honourable friend for the question and for the wonderful work she does for the people of Macquarie on so many levels. On Saturday, as I do on every Saturday now, I released the minimum stockholding obligation updated figures so the Australian people can see how much petrol, diesel and jet fuel we have in Australia. Those figures show 39 days' worth of petrol at 1.6 billion litres, 30 days of diesel at 2.7 billion litres and 30 days of jet fuel at about 800 million litres. What that tells me is that although our refiners and our importers are delivering fuel to regional Australia in particular at record levels, the fuel also continues to arrive in Australia and be refined in Australia.”
“We will prepare for what may come, and we will act ahead of the curve. What we do today will shield Australians from the challenges of tomorrow. Debate adjourned.”
“The fact that these new fuel security measures build on the government's existing commitment to create a critical minerals strategic reserve is not insignificant. It reflects the fact that our focus on building Australia's economic resilience and resource security predates this crisis and will continue after it. Our government is undertaking every practical measure to shield our nation from the worst of this global uncertainty. While Australia continues to receive sufficient fuel overall, this bill will help position us to manage fuel supply chain disruptions and ensure we have a wider range of tools available to respond to Australian's everyday needs. Establishing this strategic reserve is in our national interest, now, and in the future. We will not wait for a crisis to deepen before we act.”
“I want to acknowledge, again, the work of all involved, particularly the Minister for Resources. This will create more high-paid jobs for Australians and deliver resilient and sustainable critical minerals supply chains. In addition to safeguarding Australia's economic and national security, the reserve will position us to collaborate even more closely with key international partners to develop integrated, end-to-end critical minerals supply chains. Further development of Australia's abundant supply of critical minerals will diversify global supply chains and strengthen economic partnerships with other nations. We look forward to working with the United States, Japan, the Republic of Korea, Europe, Canada and the UK as we implement the critical minerals strategic reserve.”
“This bill provides Export Finance Australia with the commercial and financial functions necessary to construct complex financial arrangements that deliver on the objectives of the reserve. These new tools will allow the EFA to construct financial arrangements via: This bill will ensure that the reserve can help meet critical minerals demand, support offtake, stockpile critical minerals, if needed, and help to provide price certainty. As the government announced in January, the reserve will initially focus on antimony, gallium, and rare earth elements. The Minister for Resources is more versed in these terms than I am. The integration of critical minerals into today's strategic reserve builds on the Albanese Labor government's work to secure investment in Australia's critical minerals sector.”
“This bill also gives legislative effect to the government's election commitment to develop and implement a new $1.2 billion critical minerals strategic reserve. This will cement Australia at the forefront of global efforts to stabilise critical minerals markets and shore up reliable access to critical minerals vital for Australia's economy, national security and our Future Made in Australia ambitions. At this point, I want to pay tribute to the Minister for Resources for all her work in making this policy a reality, including her deep engagement with nations in our region and the United States. This is a signature achievement, to the great credit of the Minister for Resources. Australia has some of the largest deposits of critical minerals in the world—minerals vital to renewable energy and defence technology supply chains.”
“I want to thank and acknowledge Minister Farrell for facilitating the use of Export Finance Australia, who are well suited to the task ahead of them. I've already met with EFA, and I thank them for their work. On behalf of, and at the direction of the government, the EFA will have the ability to secure supply, sell, and selectively stockpile fuel, critical minerals and other strategic materials. These powers will help secure Australia's fuel supply, address regional fuel shortages or supply gaps impacting critical services, and position Australia as a trusted and stable partner in high-value, vulnerable supply chains. As outlined, this bill responds to the immediate challenge of fuel security. But it will also include measures to strengthen Australia's economic security in the medium to long term.”
“It can provide insurance, derivatives, loans and other arrangements to make sure those companies can go and get those cargoes for Australia and for Australians. These new fuel security powers will put Australia in a strong position, securing fuel supply where it may be cost prohibitive for private suppliers to source on commercial terms, without government support. Building on Export Finance Australia's expertise as Australia's export credit agency, the bill provides Export Finance Australia (EFA) with the commercial and financial functions necessary to deliver on the strategic reserve's objectives. The legislation will give EFA a broad financial toolkit to use on the national interest account (NIA) that will go beyond the debt and equity tools it currently has available on the national interest account.”
“This includes fuel and other commodities such as fertiliser, experiencing disruption as a result of market volatility and geopolitical events including the current conflict in the Middle East. Specifically, through this bill, the Albanese government is taking steps to shield Australians from potential future fuel supply chain disruptions. This bill establishes a new fuel security trading power to acquire additional fuel in the international market for domestic use. This fuel security support from the government will not be business as usual. It must be additional supplies that are available on the international market. It will underwrite the purchase of shiploads of fuel to get here to Australia. Export Finance Australia will have a very flexible suite of measures to work with companies.”
“Cargo is available on the international market—but it's becoming more expensive and riskier to secure commercially. Oil prices are moving sharply. The risk premium for purchasing discretionary cargoes is rising. Work to scope deals and secure additional fuel is already underway. That's why today's bill is so urgent. This bill creates a strategic reserve to secure the supply of strategic materials that are vital for Australia's economy. These include fuel, critical minerals, and other goods and materials that may be impacted by disruptions to supply chains. The Export Finance and Insurance Corporation Amendment (Strategic Reserve) Bill 2026 will ensure Australia's preparedness to address supply chain disruption of materials, goods or things.”