Tim Ayres (NSW, Australian Labor Party, Minister for Industry and Innovation) Share this | Hansard source

Thanks, Senator Ghosh, for that question. One of the most important responsibilities for any Australian government is securing Australia's energy sovereignty. That's why the Albanese Labor government announced $10 billion for Australia's near-term fuel and fertiliser security. That includes a $7.5 billion fuel and fertiliser security facility that gives Export Finance Australia the power to derisk additional shipments of fuel and fertiliser that are otherwise too risky to order without firm contracts. EFA loans, equity, guarantees, insurance and price support are delivering more fuel and more fertiliser for Australians and Australian supply chains just when we need it. It has kept the domestic market for fuels and fertilisers well supplied and flexible.

There's no complacency from this government, with action to make sure that we're securing the near-term fuel and fertiliser supplies for Australians. That's why we announced the $3.2 billion Australian fuel security reserve—around a billion litres for long-term diesel and aviation fuel security focused on regional stockout and essential users in the event of a future energy supply crisis. That's why we've announced an increase to the minimum stockholding obligation, to increase Australia's critical fuel reserves to 50 days. National energy sovereignty is in the first round of the Albanese government's priorities, and that's why we've acted decisively to secure that for Australia.