Prime Minister Anthony Albanese has unveiled a sweeping new fuel security plan worth billions, promising a government-owned fuel supply and tighter national reserves to shield Australians from global shocks.
Announcing the scheme in Sydney on Wednesday, Albanese said Australia had so far escaped the worst of the global energy crisis, but cautioned that the longer overseas turmoil continues, the deeper the risk to Australian supply.
‘The longer this conflict goes on, the greater the impact will be. It is as simple as that,’ the Albanese said.
‘Our number one priority remains keeping Australians protected from the worst effects of this process.’
The government will establish a permanent, government-owned fuel reserve and pour billions into supply chains, storage and domestic resilience.
‘Today, I am announcing that the federal budget next week will include an Australian fuel security and resilience package,’ Albanese said.
‘This is aimed at making sure that Australians can have full confidence in protecting our energy sovereignty, not just during this crisis but going forward as well.’
The plan will see more than $100 million invested in shoring up short-term fuel and fertiliser security, alongside the creation of a strategic reserve of roughly a billion litres of fuel.
Albanese (pictured) said Australia would expand fuel reserves to a minimum of 50 days
The government will also ramp up minimum stockholding requirements and expand national reserves to guarantee at least 50 days of supply.
Albanese said the new strategy represents a historic turning point for Australia’s approach to fuel security.
‘It is about protecting our nation’s energy interests and ensuring we are prepared for future shocks,’ he said.
He said Australia has already strengthened supply lines, securing shipments from partners across Europe, North America, South America and Africa.
‘The fact that more ships arrived in Australia during April than during March, February or January shows the work we have done securing supplies,’ he said.
Albanese also credited Australians for adapting their behaviour, with many cutting back on driving, car-sharing or working from home as the crisis unfolded.
‘It is also, in part, because of the work that Australians are doing,’ he said.
‘More people are catching public transport, more people are car sharing and more people are working from home where it is in the interests of employees and employers.’
Albanese praised Australians for taking action to reduce their fuel use in recent weeks (file)
He singled out the panic buying spree before Easter, when some motorists hoarded jerry cans of fuel, warning such behaviour was dangerous and unnecessary.
‘The demand spike we saw prior to Easter has stopped,’ Albanese said.
‘We warned that behaviour was not only not in the national interest, it was actually dangerous.’
The Prime Minister said Australians had overwhelmingly ‘done the right thing’ since then.
Meanwhile, authorities remain on alert as overseas tensions threaten global fuel supply.
‘We live in very volatile times, and there is uncertainty about events in the Middle East,’ Albanese said.
‘But what Australians can be certain of is that we are throwing everything at this to make a difference and to protect the interests of Australians.’