Deborah O'Neill (NSW, Australian Labor Party) Share this | Hansard source

While I appreciate the drama and rhetorical flourish of contributions here in the chamber, Australians need fuel. They're not interested in words being issued with passion and vigour that actually mean nothing to them when they get to the bowser. They need a responsible government that's actually doing what needs to be done.

I want to put on the record that, in the preparation of the vehicle that is going to allow us to get the fuel in and secure the continuity of fuel supply for Australians, the government has been working very carefully, consulting to make sure that what we do for our fuel sector as well as the critical minerals sector is supported. Looking at the stakeholders who have invested time in making sure the legislation that is coming to this place today—which has long been in preparation—we have the support of the critical minerals strategic resources sector itself. Those opposite will misrepresent our relationship with that very important part of Australia's economy, but the reality is that they support this piece of legislation.

Since the war broke out in the Middle East with Iran, Israel and the US, and the subsequent impact on all parts of the Middle East, major fuel retailers and refiners have been consulting with the government. Let me tell you, in those meetings there's a lot less rhetorical flourish and a lot more 'Let's deal with the reality,' in a truly Australian way: we've got a few challenges; let's get on with the job.

What is happening with this particular piece of legislation is part of our carefully calibrated National Fuel Security Plan. We want to keep Australia open, and we want to keep Australia moving. There are four phases that the government has outlined in the responsible management of the challenges we face right now in 2026—no looking backwards, only looking forward, to make sure Australians' needs are fulfilled. Phase 1 is plan and prepare; that's what we're doing, that's what we've been able to undertake to get to a point where this legislation is now responsibly before the parliament. Phase 2 is keeping Australia moving; that is what this vehicle will enable. At stage 3, there will be targeted opportunities for taking action. And at stage IV—a responsible government prepares—we will make sure we are there to protect critical services for all Australians. We can pray for peace in the Middle East, and we will all benefit from that, not just in the Middle East but right here in Australia, in the re-establishment of the processes of peace that deliver prosperity and certainty into our market.

Export Finance Australia needs new powers to finance the import of fuel and other necessary goods. In this parliament we talk all the time about making sure our farmers have urea. We've heard from the housing industry that we need things like PVC piping, and more and more conversations with stakeholders will reveal critical things that need to come into the country. This very elegant vehicle will allow Export Finance Australia to: provide financial derivatives; provide price support; purchase, sell and stockpile fuel and other necessary goods to ensure domestic availability as and when directed by government; and financially hedge resulting exposures as appropriate.

This is a degree of flexibility built in here to make sure that, if a big company like Viva finds that there is a whole cargo of fuel on the spot market that can come to Australia but the market is so volatile that they are not willing to take the risk—or, in the case of a small provider that really services regional Australia, they simply do not have the financial resources to manage the risk—the government will underwrite and support that company in undertaking that business, bringing the fuel to our nation. This is not a replacement for good business decision-making, but it is a vital support to the supply to our nation.

And let me clear: it is only possible because this excellent vehicle, as I know, has been the work of Minister Madeleine King for a long time. She has been able to successfully work with her colleagues Mr Bowen and Senator Don Farrell to bring about this important tool to provide Australians with the certainty that we need and deserve. (Time expired)