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

Canavan welcomed the bill as a belated recognition of the importance of fossil fuels but criticised the government's previous policies against coal, oil, and gas. Canavan announced that the Coalition would move amendments to remove restrictions on Export Finance Australia supporting fossil fuel projects and to reverse environmental law changes that excluded fossil fuels from national interest considerations. Canavan argued that these amendments were necessary to end the government's war on fossil fuels and ensure energy security.

O'Neill stated that the legislation was part of a carefully calibrated National Fuel Security Plan developed with stakeholder consultation. O'Neill explained that Export Finance Australia would have the flexibility to provide financial derivatives, price support, and stockpiling capabilities to ensure domestic availability of fuel and goods like PVC piping. O'Neill emphasised that the government was acting responsibly to keep Australia moving and protect critical services during the crisis.

Waters expressed concern that the bill granted broad, unchecked powers to ministers in perpetuity, effectively creating a blank cheque for public spending without parliamentary oversight. Waters announced amendments to sunset the emergency measures after six months and to prevent the use of these powers for weapons manufacturing or war perpetuation. Waters argued that while emergency fuel measures were necessary, the government should have prioritised a faster transition to renewable energy and imposed a gas tax to offset costs.

Hanson argued that the fuel crisis exposed Australia's lack of preparation and dependence on global supply chains, blaming successive governments for neglecting domestic reserves. Hanson called for a 100 per cent cut to the fuel excise for three months, a national liquid fuel emergency declaration, and plans to ration fuel for essential sectors. Hanson advocated for scrapping net zero targets to allow for the development of sovereign fuel industries and increased domestic production of oil and diesel.

Bell criticised the government for delaying action on the fuel crisis, stating that this inaction caused unnecessary pain for farmers, transport operators, and regional communities. Bell highlighted that GST revenue from soaring fuel prices was increasing significantly and called for state premiers to forgo some of this revenue. Bell argued that net zero policies were making Australia weaker and more dependent on imports, urging the parliament to scrap these targets to improve energy security.

Whitten supported the bill as a necessary but belated measure to safeguard fragile fuel supplies, noting it would not lower prices at the bowser. Whitten criticised successive governments for failing to develop downstream capacity and strategic stockpiles from domestic resources, leaving Australia as a price taker. Whitten argued that the legislation was a second-best remedy for policy failure and called for long-term resources policies to build processing capacity and reduce reliance on imports.

Tyrrell supported the bill but raised concerns about the breadth of executive powers, citing past abuses during the COVID-19 pandemic. Tyrrell advocated for helium to be recognised as a critical mineral due to its importance for medical imaging, defence systems, and technology sectors. Tyrrell argued that domestic helium production was essential for a resilient health system and that the legislation provided an opportunity to secure this supply.

Pocock supported the bill but expressed concerns about the scope, transparency, and open-ended nature of the new powers granted to Export Finance Australia. Pocock called for greater clarity on how public money underwrites private risk and suggested bringing forward the first review of the legislation from 2029 to 2027. Pocock stated he would support Greens amendments to address these concerns and emphasised the need for long-term energy security through electrification and renewable energy.

Farrell reiterated that the bill gives Export Finance Australia new powers to address supply chain disruptions for fuel, fertiliser, and critical minerals. Farrell highlighted the establishment of the $1.2 billion Critical Minerals Strategic Reserve and the ability to underwrite fuel purchases to secure supplies. Farrell argued that the government was acting proactively to shield Australians from global uncertainty and urged the parliament to pass the bill.