Andrew Wilkie (Clark, Independent) Share this | Link to this | Hansard source

The International Energy Agency recommends 90 days of fuel and lubricant reserves, but, according to a recent report, we only have 23 days of aviation turbine fuel, 22 days of diesel and 18 days of petroleum. Not only does this put us in breach of our international obligations; it also leaves us vulnerable to shocks and disturbances in the energy market. And shocks and disturbances there could well be, as evidenced by the increasing tensions in places as diverse as the Strait of Hormuz and the South China Sea. The implications of Australia's dangerous complacency on energy are deeply troubling, not least because fuels and lubricants are essential for our economy and for our society and any supply disruption could bring both to a standstill.

The government must act on this issue and act urgently, starting with an immediate and detailed assessment of our reserves and domestic production capabilities. The government must review and implement the recommendations of the Parliamentary Joint Committee on Intelligence and Security to ensure we have a continuous supply of fuels and lubricants to match our national security priorities, and the government must also adhere to the IEA's recommendations and ensure that we do indeed have at least 90 days supply in reserve, because, to continue the way we are would be short-sighted, dangerous and reckless in the extreme.