We’re calling for urgent action from the Federal Government to strengthen Australia’s fuel security in response to growing global volatility in fuel markets and geopolitical uncertainty.
Recent global events have highlighted vulnerabilities in Australia’s fuel supply chains and the fragile reliance that farmers and regional communities have on affordable and reliable access to liquid fuels to run machinery, harvest crops, transport produce, and keep food and fibre supply chains moving.
VFF President Brett Hosking said that ensuring fuel security is a matter of national importance and Australia’s heavy reliance on imported fuels exposes the economy including agriculture to price shocks and supply disruptions.
“A secure, resilient and affordable fuel supply underpins modern agriculture.”
“If our fuel supply runs dry, our agriculture industry and ability to feed millions would stop in a heartbeat.”
“We are urging the Federal Government to ensure fuel stock levels, refinery capability and supply chains are strengthened so that farmers aren’t left exposed to international shocks.”
“Members of the International Energy Association are obliged to hold 90 days of net fuel import and Australia has been non-compliant since 2012. While Australia does have strategic national reserves, they are stored in the United States and would take over three weeks to reach Australia in the event of a crisis,” Mr Hosking said.
VFF is calling for:
- Greater onshore fuel reserves to reduce reliance on overseas imports;
- Support for domestic refining capacity to keep at least part of Australia’s liquid fuel supply national;
- Policy settings that recognise fuel security as part of Australia’s critical infrastructure and economic resilience
- Further investment into diversified fuel options, such as biofuels.