Claire Clutterham (Sturt, Australian Labor Party) Share this | Hansard source

The recent federal budget contained many measures designed to benefit all Australians. One area of benefit is a significant investment the budget makes into the management of fuel supply risks. This is a critical step taken firmly in the interests of the Australian people, and it takes the form of a nearly $12 billion commitment through the National Fuel Security Plan, with the aim of securing Australia's near-term fuel and fertiliser security. This involves the establishment of the Fuel and Fertiliser Security Facility, designed to increase the domestic supply and storage of fuel and fertiliser by providing financial support—including loans, equity guarantees, insurance and price support.

Then we have the establishment of the Australian Fuel Security Reserve, which will reserve approximately one billion litres of fuel to increase long-term diesel and aviation fuel supply and storage, with the minimum stockholding obligation also increasing Australia's critical fuel reserves to 50 days. The focus of this is addressing potential supply constraints for essential users, including in the regions, in anticipation of further probable supply disruptions—which we will inevitably face. The fuel security features of the budget, including the establishment of a domestic gas reservation mechanism, are an efficient and effective step that respond to global challenges at the same time as acting in the immediate and long-term interests of the Australian people.

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