Penny Wong (SA, Australian Labor Party, Minister for Foreign Affairs) Share this | Hansard source

I thank Senator Waters and Senator Bragg for their courtesy in allowing me to speak earlier in this debate. This is a bill about Australia's economic resilience, and I thank Minister Farrell for his work to deliver this important legislation. The current conflict in the Middle East is an unprecedented shock to global energy markets. Iran's weaponisation of the Strait of Hormuz has severely disrupted global supply chains, including fuels and other critical supplies needed here in Australia.

We recognise that these disruptions have real consequences for Australian businesses and Australian households, so we are doing all that we can to bolster the supply of fuel for Australians, and I'm pleased that one of our portfolio agencies, Export Finance Australia, is playing a critical role in this. Economic resilience contributes to Australia's security and strengthens Australian sovereignty. I have spoken about using all tools of statecraft to maximise our national power, especially in these turbulent times. Through this bill, Australian agency EFA will continue to support businesses across the materials they need to keep Australia moving in this time of disruption.

This legislation provides the government with a strategic reserve function and empowers EFA to help secure, supply, sell and stockpile strategically and to access a broader financial toolkit including insurance guarantees, loans and other arrangements. What does this mean? Practically, it means that these tools enable EFA to step in and support businesses purchasing critical supplies in the national interest. We are under no illusion about the world we face, and our government is focused on building our resilience to withstand global shocks, make sovereign choices and keep our people and economy moving no matter what the world throws at us. Importantly, this bill builds upon the actions this government has engaged in over the past four years to build Australia's resilience in an ever less stable world.

We want a peaceful, stable, prosperous region where no country dominates and no country is dominated, and we are working to achieve that. We want a region in which the collective prosperity and collective security of our partners and neighbours are tied to our own, and we know we cannot just rely on the old model to keep Australia secure, which is why we have worked to secure, strengthen and diversify our relationships in the region, making the right investments with the right partners at the right time. It is why we are developing the Critical Minerals Strategic Reserve, which will cement Australia at the forefront of global efforts to diversify supply for critical mineral markets during a period of significant market uncertainty and volatility. It is why we launched Invested: Australia's Southeast Asia Economic Strategy to 2040, which has seen more than $2 billion in trade outcomes since 2024.

This government has supported over $1.2 billion in Australian investment into the region, and investment from South-East Asia to Australia has increased by more than $650 million. Our $2 billion Southeast Asia Infrastructure Financing Facility is working with Australian investors to support new opportunities in renewable energy, telecommunications and infrastructure. All of this means more opportunities for Australian businesses to grow, more Australian jobs, more economic prosperity and more resilience for our country. For the past 3½ years, the Albanese government have been building Australia's future in our region. This is what we rely on in challenging times.

The government has been clear: the longer this war goes, the worse the impacts will be. We are acting now to prepare and shield Australians from the worst of it, ensuring our farmers, our regional communities and the services all Australians rely on can continue to access the fuel they need and using all tools of national power to make ourselves stronger at home and more resilient to future disruption.

I thank the officials from the Department of Foreign Affairs and Trade and from Export Finance Australia who worked around the clock to deliver this key piece of legislation so quickly. This bill is a testament to what can be achieved to advance Australia's national interest when we bring together all arms of statecraft. This bill is an act of economic resilience, and I encourage all in the Senate to support this legislation.