Albanese government commits $10b to strengthen fuel and fertiliser security

The news: The Albanese government said that a $10 billion fuel security and resilience package will be announced as part of the upcoming Federal Budget.

The context: The package is set to provide more than $10 billion to secure near-term fuel and fertiliser security, establish a permanent government-owned fuel security reserve of approximately 1 billion litres, and lift the minimum stockholding obligation by roughly 10 days for every type of fuel.

The government said it will consult on the implementation of the fuel reserve, which will enable the ability to purchase fuel, support storage, and trade stocks as needed to ensure the country’s fuel security during prolonged fuel supply disruption.

These changes will take place progressively, backed by support for investment in refurbished fuel storage to accommodate the uplift in stocks, it said.