Bill Shorten: We must improve fuel security

Australia's newest and biggest cargo ship, Victorian Reliance II, at Port Melbourne. Picture: AAP

On Sunday, I went down to Port Melbourne docks for the launch of the Victorian Reliance II — a new ship flying the Australian flag. That means it is registered in Australia, with Australian crews.

It was an important day and I was proud to be there supporting Australian shipping, Australian seafarers and Australian jobs.

But sadly, the Victorian Reliance II will be just one of 14 registered ships in Australia, flying the Australian flag — one of 14! 30 years ago, we had 100.

Compare that to the US, China, the UK, Germany, Norway, Denmark, Greece — nations who have hundreds, if not thousands of ships in their commercial fleets.

It is in our national security and economic interest to change that — and quick smart.

I announced that if I am elected as Prime Minister, Labor will create a National Strategic fleet — a fleet that will ensure we have more vessels to carry and deliver essential supplies our nation relies on like crude oil, aviation fuel and diesel.

And in times of crisis — these vessels can be commandeered by the government to help ship these supplies around the country.

So a national strategic fleet is a plan for economic security, for national security and a plan for energy security.

The other really important thing about a National Strategic Fleet is it boosts our national fuel reserves and reduces our reliance on foreign fuels.

Australia used to be a net exporter of oil — but now we’re at the other end of the scale and it has put us at mercy of international events.

Did you know that right now we have just 23 days of jet fuel, 22 days of diesel supply, and only 19 days of automotive gas?

So this week I announced that a Labor Government will create a National Fuel Reserve — a plan to protect us from running out of fuel in the event of a crisis.

Not only will this improve our national fuel security, it will also help us reach our stockpile target as a member of the International Energy Agency.

Fuel security affects nearly everything: the ability to move troops and equipment, our ability to move food and medicine, the ability to run cars and trucks.

The experts have backed this in. The former Director of the Lowy Institute’s International Security, Euan Graham said that a lack of fuel risks undermining our investment in military equipment.

Put simply — what’s the point of all that hi-tech machinery if we don’t have the fuel to power it?

We’ll work with the states and territories, with industry, with oil and gas importers, refineries and with national security experts on the detail, design and delivery.

In times of uncertainty nations need to be able to rely on themselves.

And good governments have to continue to build independence, confidence and self-reliance.

That’s what Labor will do with the future of Australian shipping, the future of Australian fuel security and the future of Australian jobs and industry.