Australia’s low fuel reserves national security matter, parliamentary committee warns

AUSTRALIA’S record-low emergency fuel reserves should be listed as a critical matter of national security, an influential parliamentary committee has warned.

AUSTRALIA’S record-low emergency fuel reserves should be listed as a critical matter of national security, an influential parliamentary committee has warned.

The Parliamentary Joint Committee on Intelligence and Security raised major concerns about Australia’s “vulnerability to regional geopolitical instability” such as the South China Sea dispute.

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Australia has just 43 days of supply — the lowest reserves of any member countries of the International Energy Agency which mandates that all countries should hold 90 days in reserve as a minimum — the lowest monthly stock level since 2000.

The committee’s report has recommended the newly created Home Affairs department be handed responsibility to radically increase stocks.

Committee co-chair Liberal MP Andrew Hastie said half of Australia’s imported diesel and 60 per cent of jet fuel came through the South China Sea, leaving Australia vulnerable in the event of a war.

“There are identified supply chain vulnerabilities in the fuel sector in Australia and the committee is concerned that these risks are actively managed in the most appropriate manner,” the report said.

“In particular, the committee considers there is a serious requirement to assess these vulnerabilities and test the effectiveness of any existing or potential risk mitigations, particularly in scenarios of heightened geopolitical tensions.”