Tyron Whitten (WA, Pauline Hanson's One Nation Party) Share this | Hansard source

Let me begin by saying that we support the Export Finance and Insurance Corporation Amendment (Strategic Reserve) Bill 2026. But it should never have been necessary. The Labor and coalition governments of the past decade have failed to take fuel security seriously. This is a belated measure to safeguard Australia's fragile fuel supply. And let's be clear: this bill will not lower the price at the bowser, will not save small businesses that are already on the brink, and will not help families, tradies, couriers or anyone who relies on fuel. This is not a cost-of-living measure that will help the people of Australia fill their tanks. But it will potentially increase our fuel supplies.

The bill equips Export Finance Australia with new powers to underwrite strategic materials, like diesel, petrol, jet fuel, crude oil, fertilisers and other vulnerable commodities. These are sensible, targeted tools. With global prices swinging wildly, private industry is, understandably, not wanting to put their capital at risk. This bill will likely cost the Australian people when the war finishes. It should at least bolster Australia's supplies in the short term by purchasing the risk of importers and allowing them to bring in cargos that they otherwise might not have.

Yet support for this bill must be accompanied by blunt honesty. This legislation is necessary only because successive governments, Labor and coalition, have spectacularly failed to develop the very natural resources that should have made Australia a price maker, not a price taker. Who loves the Paris Agreement now? For decades we have sat on some of the world 's largest endowments of iron ore, coal, bauxite, lithium, rare earths and gas. High global prices have delivered windfall royalties. Yet we have not built the downstream capacity that would turn these royalties into sovereign capability. Refineries have closed under Labor and the coalition, while regulators have tied new projects up in green tape. Processing capacity remains offshore, overwhelmingly in the hands of one strategic competitor. We are a resource-rich nation. We have an entire continent to explore and develop.

So, what do we have after decades of Labor and coalition leadership? We have two refineries. We hold just 30 days worth of diesel and kerosene and 39 days of petrol—if you can find it. Wouldn't it be nice to have the recommended 90 days right now? Ninety per cent of our refined fuel is imported. We have governments who think in election cycles instead of thinking in terms of generations. This has left us with no ownership of our own future and resources. Successive governments have been adversaries of our industries rather than partners. After all, without the expertise of industry we have no extraction, but without our resources there is no industry.

The relationship should be a partnership, like we see abroad. Norway has worked with its industry and invested in its natural resources. As a result, their sovereign wealth fund is the envy of the world. They have secured the future retirement of their people, while here in Australia we have vastly more resources. We have squandered the opportunities.

When commodity prices surge we should be banking profits and expanding production. Instead, we are forced to use taxpayers' money to buy risk off private companies so we can supply the very commodities we once exported. We've become a quarry that imports back finished products at a premium. The explanatory memorandum itself admits that the reserve is a response to 'market volatility and geopolitical events'—market volatility that should benefit those holding resources.

This legislation would be unnecessary under a competent government. A serious long-term resources policy would have kept refineries open and fast-tracked critical minerals processing hubs. We should have used the boom years to build strategic stockpiles from domestic production, rather than supporting foreign purchases. Instead, we now legislate a bureaucratic workaround. None of this excuses delay. The bill before us is urgent. It is a responsible step to shore up supply. The review will ensure that these powers do not become a permanent crutch.

We support the bill because fuel in the tank is non-negotiable for national security, but at what cost? We will not pretend that this legislation is anything other than a second-best remedy for policy failure. The real test of this parliament will be: what do we do next? Will we slash the red and green tape that has strangled new exploration and refineries? Will we build the processing capacity that turns our resources into high-value Australian-made products? Will we be a partner of industry to get the most from our resources instead of a roadblock? Or will we simply congratulate ourselves for patching the holes in the ship? This bill deserves passage, but it's a long way short.