Export Finance and Insurance Corporation Amendment (Strategic Reserve) Bill 2026

Stage by Stage

Summaries in reported speech - not a transcript. In date order, both chambers.

1. Monday 30 March 2026 · House of Representatives

   Second Reading

   The debate centred on the government's response to a national fuel crisis triggered by conflict in the Middle East. The government defended the legislation as a necessary tool to secure fuel imports and establish a strategic reserve for critical minerals, while opposition members criticised the administration for delayed action and economic mismanagement. Opposition speakers supported the bill in principle but moved amendments to expand Export Finance Australia's powers to include commercial accounts and remove environmental barriers for emergency infrastructure. The government announced a temporary halving of the fuel excise and reduction of heavy vehicle charges to provide immediate relief.

   Outcome: The debate was interrupted in accordance with standing order 43, with leave granted for the member to continue speaking when resumed.

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2. Monday 30 March 2026 · House of Representatives

   Consideration in Detail
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3. Monday 30 March 2026 · House of Representatives

   Second Reading

   The debate centered on the Export Finance and Insurance Corporation Amendment (Strategic Reserve) Bill 2026, which sought to empower Export Finance Australia to secure fuel imports amid a geopolitical crisis. Coalition members supported the bill as a necessary short-term measure but criticized the government's delayed response and restrictions on domestic fossil fuel production, while independent members raised concerns about fiscal risks and market distortions. Kate Chaney supported the crisis response but demanded transparency, whereas Rebekha Sharkie and Andrew Wallace opposed the government's handling of fuel security despite Wallace welcoming the bill itself. Two amendments moved by Alison Penfold and Barnaby Joyce were defeated, and the bill ultimately failed both divisions.

   Outcome: The bill was not passed in both divisions, with votes of 43 to 91 and 38 to 96.

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4. Tuesday 31 March 2026 · Senate

   First Reading
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5. Tuesday 31 March 2026 · Senate

   In Committee

   The debate focused on the government's use of Export Finance Australia to import liquid fuels amid an energy crisis, with Senator Canavan questioning the consistency of this approach with previous fossil fuel restrictions and international agreements. Senator Canavan argued that the bill subsidises overseas production while domestic restrictions remain, citing national security vulnerabilities due to high import dependence. Senator Roberts opposed the bill's alignment with net zero targets and advocated for domestic self-sufficiency and gas-to-liquid conversion. Minister Farrell defended the legislation as an urgent emergency measure to secure fuel supplies, rejecting claims of government inconsistency and highlighting ongoing domestic gas production.

   Outcome: The bill was considered in committee with no amendments moved or recorded in the provided transcript.

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6. Tuesday 31 March 2026 · Senate

   Limitation of Debate

   The Senate considered amendments to the Export Finance and Insurance Corporation Amendment (Strategic Reserve) Bill 2026 during the committee stage. The opposition moved amendments to repeal specific sections regarding strategic reserves and environmental protections, while the Australian Greens proposed extensive changes to reverse certain provisions after six months and refine definitions of strategic materials. Independent Senator Tammy Tyrrell opposed specific Greens amendments and a section of the bill. All proposed amendments were defeated in divisions, and the bill was passed without amendment.

   Outcome: The bill was agreed to, reported without amendment, and the report was adopted after all amendments were defeated.

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7. Tuesday 31 March 2026 · Senate

   Second Reading

   The Senate debated the Export Finance and Insurance Corporation Amendment (Strategic Reserve) Bill 2026, which grants Export Finance Australia new powers to secure fuel and critical minerals supplies amid global disruptions caused by conflict in the Middle East. Government senators argued the legislation was essential for national security and economic resilience, while opposition and independent senators criticised the government's prior handling of energy policy and raised concerns about the breadth of executive powers. The Greens moved amendments to sunset the powers and restrict their use, but the bill passed its second reading.

   Outcome: The bill was read a second time.

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