Kara Cook (Bonner, Australian Labor Party) Share this | Hansard source

When it comes to fuel security, Australia is more prepared today because this government has acted decisively, responsibly and in the national interest. I say that not only as a member of this government but as the proud federal member for Bonner, home to one of Australia's two remaining oil refineries, the Ampol Lytton Refinery. This facility is a cornerstone of our national fuel supply. It supports almost 1,000 jobs, strengthens local industry and plays a critical role in ensuring Australians have the fuel they need to keep our economy moving.

Australians are understandably concerned about global instability, particularly the deteriorating situation in the Middle East. Conflict in that region affects global fuel markets, global inflation and global growth. Australia is not immune to these pressures. But Australians should know this: we entered this period of uncertainty well prepared. Today, Australia holds 1.5 billion litres of petrol and three billion litres of diesel in our national stockpile. These strategic reserves are held right here in Australia, including at the refinery in my electorate. That was not the case before. When Labor left office in 2013, Australia had six operating refineries. By the time we returned to government in 2022, only two remained. The closure of refineries like Altona and Kwinana didn't strengthen Australia's fuel security; it weakened it. That is the legacy we inherited, and that is why the Albanese Labor government has acted. Our reforms mean that our fuel supply chains continue to operate, and petrol companies have confirmed their fuel shipments are arriving in Australia on time and in expected quantities. Put simply, our nation is fuel secure, and it's fuel secure because of this government.

This global crisis should not be a commercial opportunity, and it should not be a political opportunity either. That is exactly why the Treasurer wrote directly to the ACCC asking them to ensure fuel retailers do not use international events to price gouge Australians. Fuel retailers have been put on notice. The ACCC has said that it will not hesitate to act if companies break the law. Importantly, this government strengthened those laws, increasing the maximum penalty fivefold, up to $50 million, and also extending petrol price monitoring for five years and enabling on-the-spot fines for misleading fuel price statements.

Fuel security is not only about today; it is also about the future, and this government is investing $1.1 billion to help build Australia's low-carbon liquid-fuel industry, supporting the production of renewable diesel and sustainable aviation fuels right here on Australian soil. I joined the Treasurer and the energy minister at the Ampol Lytton Refinery last year for that announcement, and we made clear that Australia has the ingredients to lead this industry—world-class agriculture, access to renewable energy and feedstocks, such as canola, sugar and waste products. By 2050, this sector could be worth $36 billion to the Australian economy, creating jobs from farms to refineries and strengthening our supply chains for the fuels that power our trucks, ships and planes. It's about energy security, it's about economic opportunity, and it's about making sure Australia benefits from the global transition to cleaner energy. Back home in Bonner, we're already seeing how smart energy policy supports households. More than 1,941 cheaper home batteries have been installed right across my electorate. That's families cutting energy bills. That's households becoming more resilient. And that's what practical energy policy looks like.

The global economy is facing uncertainty. The conflict in the Middle East is adding pressure. But Australia is well positioned to weather this disruption. Our economy remains strong and resilient, and this government is focused on providing real cost-of-living relief through tax cuts, cheaper medicines, reduced student debt and more affordable child care. Fuel security, energy affordability and economic stability are too important for political pointscoring. The antics that we've seen today in question time and this MPI and the shameful and inflammatory comments from the Queensland LNP Deputy Premier today cause panic, and they misrepresent the actual facts. We are committed to telling Australians the facts and being honest with them about their future.

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