The Nationals will more than double Australia’s minimum fuel reserves to 60 days and deliver at least one billion litres of new storage through an $800 million Australian Fuel Security Facility to protect Australians’ way of life and restore their standard of living.
This is a practical plan the government can adopt now to keep the economy moving and ensure Australian’s are not left exposed when global shocks hit.
The Nationals are calling on the government to lift baseline stockholding levels from January 1, 2027, locking in current average stock levels as the new minimum. That will increase minimum levels for critical fuels in aggregate by nearly 25 per cent.
Nationals Leader, Matt Canavan, said families and businesses needed confidence that fuel would be there when they needed it.
“People in the regions know how serious this is. If the diesel doesn’t turn up, the farm doesn’t run and the shelves go empty,” Senator Canavan said.
“This plan is just common sense. Keep more fuel here in Australia so we are not relying on overseas supply lines that can be cut overnight.”
“We cannot keep hoping for the best. We need to be ready, and this plan gets us there.”
Under the proposal, the government would work with industry on a clear roadmap to lift stockholdings in step with new storage coming online. If we start today, delivering 60 days of fuel security by 2030 is achievable.
Our plan to more than double Australia’s minimum fuel reserves is prudent insurance against the very real risk to our fuel security, which households and small businesses have experienced first-hand.
Together with measures announced last week to unlock Australia’s oil and gas reserves, the plan will bring Australia within range of our 90 day international oil stockholding ambition.
Fuel security is national security. In government, we legislated the Minimum Stockholding Obligation, funded new fuel storage, and backed our refineries.
This stands in stark contrast to the Albanese Labor Government, which has cut funding for fuel storage, failed to build resilience, and left Australia exposed.
Our plan is a comprehensive suite of measures to strengthen Australia’s fuel security:
Reducing the cost of fuel
• Australians are being hit at the bowser and it flows through to groceries, freight and bills
• That’s why we drove moves to halve the fuel excise and cut the heavy vehicle road user charge
• This immediate relief lowers costs across the economy and takes pressure off families and small businesses
• We have also committed to abolish the safeguards mechanism which is a carbon tax on business, this would save our refineries $165 million to 2029-30 according to some estimates.
Strengthening transparency and resilience on fuel supplies
• In a crisis, Australians deserve clarity, not confusion
• We have called for the establishment of a daily public fuel data dashboard so Australians can see supply levels and shipping in real time
• We will increase fuel supply monitoring and storage to ensure government and industry are ahead of disruptions, not reacting to them.
• We have called for a Parliamentary Inquiry to learn the lessons of this crisis, restore confidence in the system and ensure Australia is never left in the dark again.
Building strategic fuel security
• Australia is dangerously exposed at the end of long global supply chains
• We will more than double minimum stockholding levels to 60 days for critical fuels
• We will establish an $800 million Australian Fuel Security Facility to unlock over 1 billion litres of new storage capacity, with a focus on diesel
• This is about resilience: making sure Australia can stand on its own two feet when global shocks hit
Unlocking Australian fuel supply
• The long-term answer is simple: more Australian fuel for Australians
• We supported legislation to underwrite fuel imports in the short term while domestic supply ramps up
• We will reverse regulatory barriers through EPBC reforms that are deliberately slowing oil and gas approvals
• We will designate National Strategic Priority Projects to fast-track nationally significant developments
• And we will reinstate the Junior Minerals Exploration Incentive, including $50 million for oil and gas, to unlock the next wave of discoveries
This is a plan focused on one thing: making sure Australia keeps moving no matter what the world throws at us.
Because when you get fuel security right, you protect jobs, you back businesses, and you give Australians the confidence that their way of life is secure.
