Mathias Cormann (WA, Liberal Party, Vice-President of the Executive Council) Share this | Hansard source

I thank Senator Storer for his question. The government takes the issue of fuel security very seriously. A number of coalition members and senators have also raised the importance of national fuel security with the government. That's why, to help deliver affordable and reliable energy, the government is undertaking a review of Australia's liquid fuel security by the end of 2018. The comprehensive review will look at how fuel is supplied and used in Australia, including our resilience to withstand disruptions both overseas and in Australia. The review will identify whether the government should take further steps to ensure Australia's domestic fuel supply is reliable and inform our plan to return to compliance with the International Energy Agency's emergency stockholding obligations by 2026. I remind the Senate that Australia's domestic supplies of liquid fuels have not been impacted by a significant supply disruption for the past 40 years. The review has strong industry support. Making sure we aren't complacent is the prudent and proper thing to do. That should not be construed, though, as Australia having an actual fuel security problem. The government has emergency powers and an agreement with states and territories which sets out the arrangements to effectively manage a national liquid fuel emergency.

Senator Storer raised the potential contribution of electric vehicles to reducing Australia's reliance on liquid fuel. In that regard, I note that Senator Storer is actually chairing the Select Committee on Electric Vehicles to inquire into the use and manufacture of electric vehicles in Australia. No doubt we will receive some fine recommendations out of that inquiry in due course.