Australia Announces New Fuel Security Measures
Speaking alongside Energy Minister Chris Bowen in Sydney, Albanese confirmed that legislation will be introduced to federal parliament Monday, empowering the existing export credit agency to underwrite private sector purchases of fuel, fertilizer, and other critical supplies.
"Put simply, we will use Export Finance Australia to underwrite the purchase of shiploads of fuel that will add to supply here in Australia," Albanese said.
The prime minister was explicit that the intervention would not replicate standard government procurement.
"This support from the government will not be business as usual: it has to be additional supplies that are available on the international market," Albanese said.
He added that the measures are specifically designed to absorb the financial risk faced by importers seeking to lock in additional supply from global markets.
The announcement arrives as fuel prices surge to punishing levels nationwide, with shortages becoming increasingly acute across Australia's regional and remote communities.
Bowen laid bare the urgency of the situation, revealing that as of Saturday, Australia's national stockpile stood at just 39 days of petrol, 30 days of diesel, and 30 days of jet fuel — figures that underscore the razor-thin buffer the country holds against prolonged supply disruptions.
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