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

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.

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. 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. 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)

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