Jane Prentice (Ryan, Liberal Party, Assistant Minister for Social Services and Disability Services) Share this | Hansard source

I thank all members for their contribution to the debate on the Petroleum and Other Fuels Reporting Bill 2017 and the Petroleum and Other Fuels Reporting (Consequential Amendments and Transitional Provisions) Bill 2017.

This legislative package will improve the accuracy, reliability and timeliness of Australia's fuel statistics. This will help safeguard our energy security, improve the operation of the fuel market and help ensure Australia meets its international obligations. The Australian fuel market is increasingly competitive and diverse, with new technologies and suppliers entering the market. Providing accurate, reliable and timely statistics ensures businesses can direct investment efficiently to meet the changing needs of consumers. Quality statistics ensure that the government can monitor energy security effectively and develop policies accordingly. Accurate statistics are also important as the government implements its plan to return to compliance with Australia's oil stockholding obligation under the International Energy Program Treaty. By capturing all International Energy Agency accountable stock, the current compliance gap and any potential cost associated with returning to full compliance can be minimised. This legislative package provides for data sharing between government agencies to minimise the reporting burden on industry. The legislative package also provides flexibility in the reporting requirements to enable reduced and simplified requirements to be set where they are appropriate.

The Turnbull government is committed to safeguarding our energy security, meeting our international obligations and ensuring the effective operation of the market to deliver reliable and low-cost fuel to consumers. This bill will support the continuing achievement of all three objectives. As recommended by the Senate Standing Committee for the Scrutiny of Bills, following tabling of the bills in March, the government has developed a short addendum to the principal bill's explanatory memorandum. The addendum provides additional information regarding the intent behind the breadth of delegation available to the departmental secretary in terms of persons who may be authorised to undertake compliance-monitoring functions. I table this addendum for the information of members. I commend these bills to the House.

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