Chris Bowen (McMahon, Australian Labor Party, Minister for Climate Change and Energy) Share this | Hansard source

I would have thought members opposite would welcome 55 per cent higher deliveries to regional Australia, for example.

But we know that there's more to do. Last week several companies raised with me the fact that the volatility in the oil market was getting worse, that purchasing spot cargoes was getting riskier and that they were finding those transactions increasingly hard. So the government very quickly worked through those issues last week, and on Saturday the Prime Minister and I announced a major intervention to put Export Finance Australia to work to enable them to finance and to work with importers to ensure they can get those cargoes, those spot cargoes that are available in the world—they are available. We want them to come to Australia for Australians. Export Finance Australia will be able to enter into insurance, hedging, loans, guarantees and direct purchases, whatever it takes, to work with those companies to get those types of fuel into Australia—but not just fuel. The legislation which I introduced into the House today makes clear it is also available for any good that is suffering under supply chain disruptions, and the government make it clear we regard fertiliser as a key priority there, and I thank the Minister for Agriculture, Fisheries and Forestry for all her work there with the sector.

This is being ahead of the curve to make sure that we are helping companies before the problems arise. The companies told us that they were finding this increasingly difficult, so we announced the legislation on Saturday, introduced it on Monday and will seek to pass it this evening, and we'll seek to pass it through the Senate tomorrow, so Australia's importers are able to get that fuel—that fuel that is available around the world—for Australians in good time, in good order, so we can ensure that our fuel supply remains as secure as it can be.

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