Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Hansard source

Can I thank my colleagues for their contribution to this debate. The Export Finance and Insurance Corporation Amendment (Strategic Reserve) Bill gives Export Finance Australia new powers to help ensure Australia's preparedness to address supply chain disruptions. This includes fuel and other commodities such as fertiliser experiencing disruption as a result of market volatility and geopolitical events, including the current conflict in the Middle East.

The bill also gives legislative effect to the government's election commitment to develop and implement a new $1.2 billion Critical Minerals Strategic Reserve. The world needs critical minerals; Australia is lucky to have some of the largest deposits of critical minerals in the world. These are vital to everything from energy to medicine and advanced computing technologies. We must make the most of the opportunities to further develop our own critical minerals industries. It's in our national interest to do so. Importantly, these new financial tools will be provided for the Critical Minerals Strategic Reserve and are also available to help protect against other supply chain vulnerabilities, such as what we are experiencing now with fuel and fertiliser.

On behalf of the government, EFA will be able to underwrite the purchase of shiploads of fuel to get them here to Australia. It can provide insurance, derivatives, loans and other arrangements to make sure that those companies can go and get those cargoes for Australia and Australians. These new fuel security powers will put Australia in a strong position, securing fuel supplies where the cost may be prohibitive for private suppliers to source on commercial terms without government support. We will not wait for a crisis to get worse before doing what is needed. We are preparing for future challenges and getting ahead of the curve to shield Australians from the worst of this global uncertainty. Establishing these strategic powers is in our national interest and must pass the parliament today or tonight.

Question agreed to.

Bill read a second time.