Matthew Canavan (Queensland, Liberal National Party) Share this | Hansard source

Again, this provides zero clarity to people. The minister can't even explain the incongruity. There's a clear inconsistency here with the government's approaches from one week to the next. They can't stay on an agenda here.

I might return to some of the other specific changes that have been made in recent years here. As I mentioned earlier in my speech on the second reading and, I think, earlier in the committee stage, we do know what the government, the Labor Party, did last summer. We're not silly. We didn't come down in the last shower. Just last year, the government made a number of changes to this very piece of legislation we're amending tonight, the Export Finance and Insurance Corporation Act. The government made changes to the statement of expectations of Export Finance Australia, which did severely restrict EFA from supporting fossil fuel production. Again, it seems a bit strange that just a year ago the government sought to prohibit, cancel or otherwise restrict investment in fossil fuels and then, just a year later, have to turn around and try to unwind the unwise amendments they made.

In particular, the government in its Future Made in Australia (Omnibus Amendments) Bill did change this act, the Export Finance and Insurance Corporation Act, to insert what is known as section 23C. I'll just read out the title of this section the government put in, which is pretty plain. It says 'Approval required before providing services or products to finance certain coal, crude oil or natural gas activities'. It goes on to say that finance cannot be provided under this part. I'll just read out one of these, which is quite broad. Under subsection (c), anything that directly finances 'investments for the sole purpose of the use of coal, crude oil or natural gas' is restricted. We know from Senate estimates that this can include anything, even just supplying products to an oil industry. Somebody might produce valves or something. If they supplied to the oil industry, because often they're needing a lot of valves, they can't get finance from EFA anymore under the provision, at least under the commercial account.

What the government seems to be relying on here, from my understanding from the briefings they've given us—I should say thank you to the government for briefing us on this. As I said, we will facilitate this passage, but there's a broader important point to make about the long-term energy security of this country, whatever happens in the next few weeks. The government here has effectively restricted EFA—this is my understanding—from using what's called its commercial account to finance pretty much anything that involves the coal, oil or gas supply chain. But it's relying now on the National Interest Account to potentially make these investments to scramble around and get whatever boats we can to come into the country because we no longer produce much oil ourselves anymore.

My question here, Minister, is why aren't you—is my understanding right here that these new arrangements to fill the strategic reserve can only be made from the National Interest Account? Secondly, does that National Interest Account require ministerial approval for every contract entered into? That's my reading of this act. It's a bit clumsy that the EFA has to go to the minister every time to seek approval. It doesn't really have the flexibility here, in a fast-moving environment, to act quickly. Thirdly, why hasn't the government sought to simply take off the green handcuffs from EFA and remove section 23C, which has only been there for a year. That would at least allow it to use this commercial account, which, in my understanding, doesn't need ministerial approval every time. We could more flexibly respond to this huge crisis.

Our view here on this side is that we want to help you. We want the elected government of this country to have the unfettered ability to solve this crisis to secure liquid fuels for our country. We don't want a minister of the Crown to have these green handcuffs placed on them that would otherwise in any way inhibit the ability to solve this crisis. As I say, we are trying to cooperate here. Again, I appreciate the briefings. I will be moving an amendment later which would help you. It'd give you more power. We're looking to give you, the Labor government, more power because what we need now is quick action and quick decisions to keep this country moving. Minister, is this only available in the National Interest Account, and have you consider removing this so you can just use everything in your power to get things done?