Rebekha Sharkie (Mayo, Centre Alliance) Share this | Link to this | Hansard source

My question is to the Prime Minister. As of July this year, Australia had just 27 days supply of automotive fuel physically in the country. This leaves us incredibly vulnerable. When will Australia increase our stocks to the recommended 90-day supply of automotive fuel physically held in the country?

Angus Taylor (Hume, Liberal Party, Minister for Energy and Emissions Reduction) Share this | Link to this | Hansard source

Although Australia hasn't had a major fuel disruption for over 40 years, we are absolutely committed to continually enhancing the strength of our fuel security. With that in mind, we're working very closely with the International Energy Agency to modernise the oil stockholding methodology, which will take into account Australia's unique geographic circumstances and unique supply chain. Based on that, during 2019 we have held an average of 85 days of stocks across the various fuel stocks. We have also, importantly, commenced negotiations with the United States for a strategic petroleum reserve. That will not only boost our oil stockholdings but also, importantly, put us in a position where we can work with other like-minded countries to deal with any disruption that might occur in the future.

We are being very deliberate with this important topic; I am glad that the member for Mayo raised it. The final liquid fuel security report is due later this year. The review will help to inform future decisions on this important topic, and it will include any decisions around holding additional stocks offshore. By contrast, those opposite took to the election a policy which would have cost Australians $10 billion or more, or worse, at the fuel pump.

There is one other certain way to improve our fuel security, and that is to make the most of Australia's ample oil and gas reserves. The Northern Territory Labor government have shown great leadership on this, with the work they are doing on the Beetaloo Basin. We have contributed $8.4 million to getting that very prospective basin for oil and gas into operation. I call on all states, including the Victorian state Labor government, to remove blanket bans and moratoria on gas and oil exploration. I also acknowledge the great potential for oil and gas developments in the great state of South Australia. It's time to get on, and deliver on Australia's oil and gas potential in the coming years.