Zed Seselja (ACT, Liberal Party, Minister for International Development and the Pacific) Share this | Hansard source

Yes, I can, and I thank the senator for the question. The Liberal-National government's fuel security package will help secure Australia's fuel stocks, through a minimum stockholding obligation that will protect our ability to produce vital fuels, like diesel, during an emergency. In a worst-case scenario, even if oil imports are disrupted, our refineries will have the ability to provide the fuel needed to run our critical services.

The minimum stockholding obligation will also safeguard levels of petrol and jet fuel, and from 2024 will see a 40 per cent increase in our diesel stocks to be kept in Australia. We know that this is the least distortionary way of working with the industry to improve supply-chain resilience and protect consumers. Delivering secure liquid fuels, such as diesel, goes hand-in-hand with ensuring Australian households and businesses have access to cheap and reliable power. All of these measures are critical to recovering from the pandemic, protecting jobs, growing our economy and keeping all Australians safe, including those in the Top End.