What was debated in Parliament
Summarised using AI from the official Hansard transcript of the debate only. It is not a record of the debate and may leave things out. Read the Hansard below to check it.
This bill gives Export Finance Australia new powers to buy, sell, stockpile and underwrite fuel, critical minerals and other strategic materials when supply chains are disrupted. It was rushed through during a fuel crisis caused by the war in the Middle East, and also sets up the $1.2 billion Critical Minerals Strategic Reserve. The bill passed with wide support, and debate focused on the government's handling of the fuel crisis, domestic oil and gas, and how broad the new powers are.
Arguments made in support
The government said fuel cargoes are becoming too risky for companies to buy, so underwriting them helps keep fuel coming to Australia, especially to regional areas.
Labor members said the critical minerals reserve will steady prices, support jobs and work with partners like the United States and Japan.
The Coalition, One Nation and most crossbench members supported the bill as a sensible emergency step to secure fuel and fertiliser.
Supporters said it builds on other actions, including releasing fuel stocks and halving fuel excise for three months.
Arguments made against, or for changes
The Coalition said the government was slow to act, and the bill will not refill empty service stations or lower prices quickly.
Coalition speakers said it is inconsistent to fund imported fuel while limiting support for local oil and gas. Their amendments to remove those limits failed.
Coalition members said small fuel distributors and service stations were left carrying price risk while large importers were supported.
Independents and the Greens said the powers are too broad and permanent. The Greens moved to end them after six months and bar use for weapons.
Crossbench members said the first review in 2029 is too late, and taxpayers should share any profits as well as losses.
83 speeches by 41 members in the House and Senate over 2 sitting days.
Hansard: House of Representatives, 30 Mar 2026 ›
The official Hansard (PDF), Parliament of Australia
Hansard: Senate, 31 Mar 2026 ›
The official Hansard (PDF), Parliament of Australia
Australia's Voice
0 Yes
0 No
1–
The last column counts members who did not vote. Party counts are for current members.
2 votes were cast by people who have since left Parliament.