Coalition proposes $800m plan to double fuel reserves, boost storage capacity
Make us a preferred source
Make us a preferred source on Google
The news: Opposition Leader Angus Taylor is set to unveil plans to improve Australia’s fuel security on Tuesday, which would see the country have a 60-day supply of fuel reserve at all times and at least 1 billion litres of extra onshore storage.
The numbers: The $800 million policy proposal that the Coalition is urging Labor to match, titled the Australian Fuel Security Facility, would require fuel importers and refineries develop more storage capacity in the country and aims to double the nation’s minimum stockpile to 60 days by 2030.
The context: The plans come as the country grapples with the fallout of the war in Iran and effective closure of the Strait of Hormuz, which has exposed Australia’s vulnerability to supply shocks.
Taylor will call on Labor to lift the minimum fuel stockholding levels from 1 January 2027 to lock in the current average level as the new minimum, in increase of almost 25%.
“This is a plan the prime minister should pick up today. No excuses, no delays,” Taylor said in a statement. “If fuel stops, Australia stops. It’s that simple. Trucks don’t move, supermarkets don’t stock, businesses shut their doors.”
Shadow Minister for Energy and Emissions Reduction Dan Tehan said the Coalition’s plan delivered a clear pathway to stronger fuel security. “This is a practical, achievable plan that strengthens our fuel supply chain and backs Australian industry.”
The sources: ABC, news.com, SMH, The Australian
