Ross Vasta (Bonner, Liberal Party) Share this | Hansard source

I rise today to speak on the Fuel Security Bill 2021. This incredible commitment by the Morrison government not only locks in Australia's sovereign refining capability and our long-term fuel security; it backs local jobs for local families in my electorate of Bonner. The Morrison government is taking strong action to support the Australian economy and is ensuring our critical services can keep running. The bill includes two key measures of the Morrison government's fuel security package—the fuel security service payment and the minimum stockholding obligation.

Fuel is crucial across the economy and, through these two key measures, this bill will champion our fuel-dependent industries—our truckies, our tradies, our farmers, our commuters, our miners and of course everyone who travels within Australia. This bill will help secure our sovereign fuel stocks and back local jobs and this bill will protect families and businesses from higher fuel prices, ensuring that Aussie families can keep more of what they earn.

Australia continues to lead the world in our comeback from the COVID-19 pandemic and we aren't slowing down. Our Prime Minister has made a commitment to maintaining a self-sufficient refining capability in Australia, a commitment that has been applauded by the fuel industry and by peak industry bodies. Locking in Australia's fuel security will deliver benefits for all Australians. Traditional fuels will continue to be the dominant fuel source for transport beyond 2030. We cannot be complacent about fuel security because of this.

The Fuel Security Bill supports the Ampol refinery in Lytton in my electorate of Bonner and Victoria's Viva Energy refinery in Geelong. This bill will lock in these refineries until 2027 and safeguard levels of key transport fuels through the minimum stockholding obligation measure. This is critical for our farmers, our emergency services, our truckies and our industries who rely on diesel to keep Australia moving. Without the passage of this bill, it is likely Australia's remaining refineries would close within the next five years. Between these two refineries, this would mean losing 1,250 direct jobs and that's 1,250 families. It would mean forfeiting 1,750 new construction jobs. The fallout would have a devastating impact on jobs in all fuel-dependent industries. The ramifications would be catastrophic for our local economy. That's why I was extremely pleased to welcome the Prime Minister and the Minister for Energy and Remissions Reduction, Angus Taylor, to Bonner for the announcement of this bill recently.

As part of the fuel security services payment measure, the refineries will be paid a variable production payment. What this means is, if there was a time either of these refineries was not making profit, they would be supported. It means our taxpayers are only supporting the sector when it is needed. On a local level, this support equates to 550 direct jobs in Bonner—550 highly skilled workers who can keep their jobs—and over 500 indirect jobs as well. The flow-on effect of this certainty in the local community cannot be underestimated. This is a government that is backing jobs.

When I joined the Prime Minister and Minister Taylor on a tour of the refinery, we walked past a worker who was holding up a handwritten sign which read, 'Thank you for supporting our refinery.' I was beyond humbled to read this, because this is exactly why we do what we do. These are real people—people with families and loved ones and people with passion for their work. These are people with incredible skills, which we absolutely must harness to ensure our sovereign capability. Ensuring our sovereign capability is essential. It means that we can prepare for any crisis and protect our families and businesses from higher prices at the bowser. This is where the minimum stockholding obligation measure of the bill comes into play. The Australian fuel market operates on a near just-in-time basis and is heavily reliant on global supply chains operating under normal conditions. Yes, this helps keep operational costs low, but it means the market is less prepared for disruptions. Implementation of the minimum stockholding obligation will provide certainty to fuel consumers that there is a baseline level of liquid fuel available in Australia at any point in time.

I say again: locking in Australia's fuel security will deliver benefits for all Australians. Fuel is what keeps us and the economy going. That is why the Morrison government is backing our refineries, and that's why the passage of this bill is essential.

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