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

Thanks to Senator Sterle for the question. Senator Sterle, probably more than almost anyone on this side of the chamber except perhaps Senator Sheldon, understands the importance of fuel to keeping Australia's economy going. I thank him for his work and for his interest in this area, because he's right: last night we saw the Treasurer build on the Prime Minister's early announcement of a $14.8 billion fuel security and price relief package.

There will be $7½ billion to shore up Australia's near-term fuel and fertiliser security through the Fuel and Fertiliser Security Facility. There will be over $3 billion invested to help build our long-term aviation and fuel supply resilience through our own Australian fuel security reserve, a permanent government-owned fuel reserve of around a billion litres. Of course, the government will also lift the minimum stockholding obligation to increase Australia's reserves of diesel and jet fuel to 50 days. And this government, this Labor government, is implementing a landmark Labor reform: domestic gas reservation—a reform that is all about delivering cheaper gas for Australians and shielding our economy from global shocks. The reservation is an investment in Australia's sovereignty and an investment in Australia's economic resilience.

These are all elements of Labor's comprehensive plan to provide certainty today, to shore up supply tomorrow and, most importantly, to secure Australia's fuel security for the future. We all know that ongoing conflict in the Middle East has generated uncertainty in the community, in industry and in agriculture, and we know there is no part of the world that will be wholly unaffected by disruption. But the measures put in place by the Albanese government will help provide certainty in an uncertain world and will protect Australians from the worst effects of global events. (Time expired)