Russell Broadbent (McMillan, Liberal Party) Share this | Hansard source

On behalf of the Joint Standing Committee on Treaties, I present the committee's report entitled Report 182: Oil stocks contracts Netherlands.

Report made a parliamentary paper in accordance with standing order 39(e).

by leave—Today I rise to make a statement concerning the Joint Standing Committee on Treaties' report No. 182. The report details the agreement between the government of Australia and the government of the Kingdom of the Netherlands concerning oil stocks contracts.

This treaty action will assist Australia to return to compliance with this obligation as a member of the International Energy Agency. The International Energy Agency was established in 1974 and Australia has been a member since 1979. As a member of the International Energy Agency, Australia is a party to the agreement on an international energy program. Under the International Energy Treaty, Australia has an obligation to sustain national consumption for at least 90 days with no net oil imports—the 90-day obligation. Australia has been noncompliant with the 90-day obligation since 2012.

This treaty action is concerned with addressing Australia's noncompliance with its requirements under the IEP treaty and is aimed at meeting Australia's international obligations. The committee, therefore, notes that consideration of Australia's physical oil stocks is outside the scope of this inquiry into this treaty action. However, we acknowledge that the two issues are interrelated. We support the current review that the Australian government is undertaking into Australia's liquid fuel security. We urge the government to fully explore the links between the two issues as it assesses the adequacy, reliability and affordability of Australia's physical oil stocks. The committee supports the agreement and recommends that binding treaty action be taken.

Before I close, I'd like to thank my predecessor as chair of the Treaties Committee, the Hon. Stuart Robert, and thank him for his work on the committee. On behalf of the committee, I commend the report to the House and I move:

That the House take note of the report.

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