Josh Frydenberg (Kooyong, Liberal Party, Minister for the Environment and Energy) Share this | Hansard source

While the Labor Party doesn't think this is a serious issue, we on this side of the House understand its importance and we understand the nature of the question from the member for Kennedy. The fact of the matter is that Australia's liquid fuels—that is, petrol, diesel, jet fuel—are extremely important. We are importing 75 per cent of our crude and more than 55 per cent of our refined product, and we're increasing our reliance on imports. Over the last decade, three out of our seven refineries have closed and our domestic oil production has decreased by one-third as some of the existing oil fields are exhausted. So, we're working with the International Energy Agency and we're working across government on this.

I note the interest paid by members of this side of the House to this issue, including the member for Canning, and Senator Molan and Senator Fawcett, who have also raised issues related to fuel security. The report by the Department of the Environment and Energy will be back to government before the end of the year and will form part of our NOPSEMA report in 2019.

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