Nick Xenophon (SA, Nick Xenophon Team) Share this | Hansard source

I just wanted to thank the minister for his answers, even though I'm still concerned about force majeure. I do not oppose this bill, but I am concerned as to its efficacy. I'm concerned that, if Australia were caught up, directly or indirectly, in a regional conflict, these contracts may not be worth the paper they're written on and that, in the event that there's a conflict, the host countries could say, 'Our fuel needs are more important than any contract and we can break the contract as a result.' Even though there is a cost involved in having more fuel stockpiled here in Australia, I still believe that that is a good insurance policy against geopolitical instability and the outbreak of a conflict in the region that could affect our fuel supplies. It has happened here in Australia that sometimes we're only a couple of oil tankers away from fuel shortages in this country, and it is very finely balanced. So I welcome the intent of the legislation but I just query its efficacy.

Bill agreed to.

Bill reported without amendments; report adopted.