Raff Ciccone (Victoria, Australian Labor Party) Share this | Link to this | Hansard source

My question today is to my good friend the Minister for Trade and Tourism, Senator Farrell.

Hon. Senators:

Honourable senators interjecting—

Raff Ciccone (Victoria, Australian Labor Party) Share this | Link to this | Hansard source

That's right, colleagues!

The Albanese government is acting now to prepare and shield Australians from global fuel supply shocks. Last Saturday, the Prime Minister announced new fuel security powers to help keep fuel flowing into Australia. Minister, how do these new powers help secure fuel and keep our people, our economy and our nation moving forward?

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

I do have some friends in this place! I thank Senator Ciccone, from the great state of Victoria, for his question.

The conflict on the other side of the world is having a real impact on Australians here at home. The Albanese Labor government is acting now to shield Australians from the worst of it. Fuel is available on the international market, but it's becoming more expensive and riskier to secure commercially. That's why the government is stepping in to secure the additional fuel vital to the Australian economy. We're giving Export Finance Australia the financial tools that they need to support companies to get additional fuel shipments. They can provide insurance, derivatives, loans and other arrangements to make sure that those companies can go out and get the fuel cargoes for Australia and for Australians.

This fuel security support from the government will not be business as usual. It will be for additional supplies, and this will ensure that we have a wider range of tools available to respond to Australia's everyday needs. We will not wait for a crisis to deepen before we act. We will prepare for what may come, and we will act ahead of the curve. What we do today will shield Australians from the challenges of tomorrow.

And the government is going further than fuel. Our strategic reserve will secure the supply of strategic materials that are absolutely vital to our growing economy. These include fuel, critical minerals and other goods that may be impacted by the current conflict in the Middle East.