Glenn Sterle (WA, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the only competent minister representing a prime minister since 2013, Senator Wong. Last night the Treasurer announced Australia's fuel security and resilience package in the federal budget, which will help to immediately secure more fuel, strengthen Australia's supply chains and build long-term resilience. Can the minister explain why acting now to strengthen Australia's fuel resilience is so important?

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

Sue Lines (President) Share this | Link to this | Hansard source

Senator Sterle, first supplementary?

Glenn Sterle (WA, Australian Labor Party) Share this | Link to this | Hansard source

The minister outlined how events in the Middle East are having a particular impact on our region's fuel supply. Could the minister provide more detail about how the Albanese Labor government is working with our partners in the region to ensure regional fuel and energy security?

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

In our conversations with our partners in the region, our message has been that we can count on each other. The Prime Minister has made clear the quality and reliability of Australian agriculture and Australian resources, including Australian gas. This has been critically important to the assurances the government has been able to receive for future supplies of petrol, diesel and fertiliser to Australia. As a result of our work, we have new agreements signed with Singapore, Brunei, Korea, Japan and Malaysia to help ensure the continued flow of essential fuels and fertiliser to Australia. The Chinese government has agreed to facilitate engagement with Australian businesses on jet fuel. We know we assure our energy security by working with trusted partners and friends, and we will continue to strengthen our international relationships so as to respond to this unprecedented shock to the global economy.

Sue Lines (President) Share this | Link to this | Hansard source

Senator Sterle, second supplementary?

Glenn Sterle (WA, Australian Labor Party) Share this | Link to this | Hansard source

I thank the minister for outlining the ways that the government has been working with countries of the region to ensure Australia's fuel security. How does the Albanese Labor government's approach to ensuring regional fuel stability and security during the current crisis in the Middle East compare with any other alternatives?

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

Thank you, Senator Sterle. In the face of the worst fuel crisis the world has seen, the Albanese government has acted responsibly and consistently to secure supply, implement relief for Australian consumers, support our industries and show national leadership. What have we seen from those opposite? We know that the Leader of the Opposition, when he was in government, made the call to store Australia's fuel reserves in Texas. We also know that, while those opposite were in power, four out of six of Australia's refineries decided to shut down. We know also that the shadow Treasurer and apparent leadership hopeful Mr Wilson can't decide if his plan costs $80 billion or $800 million. Mr Wilson and Senator Hume are looking to form a coalition with One Nation. Goodness me! Those opposite are so busy fighting for their own survival— (Time expired)