The Albanese Labor Government has secured new laws to shield Australians from global fuel supply disruptions.
The Export Finance and Insurance Corporation Amendment (Strategic Reserve) Bill 2026 has passed through Parliament, giving the government the power to secure fuel and other strategic materials including fertiliser.
The new laws also deliver on the government's commitment to establish a Critical Minerals Strategic Reserve, allowing the government to secure, sell and stockpile the critical minerals and rare earths vital to Australia's economy, national security and Future Made in Australia ambitions.
The Bill gives Export Finance Australia (EFA) new powers to underwrite fuel purchases from international markets - enabling the government to work directly with suppliers to keep fuel flowing to Australian homes, farms, and businesses.
It means more high-paid jobs for Australians, a stronger, more resilient critical minerals supply chain and a more power to secure the fuel we need from international markets.
Minister for Climate Change and Energy Chris Bowen said the Government's priority in using these new powers would be to give fuel suppliers confidence to secure additional cargoes, to service additional demand, including for regional and independent fuel suppliers.
"While Australia's fuel supply outlook remains secure over the near term due to the actions the Government has taken to date, we have been clear - the longer this war goes the worse the impacts will be," he said.
"Our Government is undertaking every practical measure required to shield our nation from the worst of this global uncertainty. We are acting now to prepare and shield Australians from the worst of this ongoing conflict."
Minister for Resources and Northern Australia Madeleine King said the legislation was an important step in Australia's global leadership on critical minerals and rare earths.
"The Critical Minerals Strategic Reserve will support Australian critical minerals mining and processing projects, create jobs and ensure Australia remains central to global efforts to build stable and reliable supply chains," Minister King said.
"Critical minerals and rare earths are at the heart of our economic and national security and are crucial for clean energy technology, advanced manufacturing and defence applications.
"The Labor Government is delivering on its election commitment to establish the Critical Mineral Strategic Reserve to support our critical minerals and rare earths sector."
Minister for Trade and Tourism Don Farrell said Australia has some of the world's largest deposits of critical minerals and rare earths, well-established trade links and a reputation as a stable and reliable source of resources and energy to the world.
"The Critical Minerals Strategic Reserve will capitalise on a golden opportunity by boosting critical mineral processing onshore, creating more secure high-paying jobs right here in Australia." Senator Farrell said.
"The Critical Mineral Strategic Reserve will diversify global supply chains, allowing us further strengthen our partnerships with our closest allies and trading partners, like the
United States, Japan, Republic of Korea, Europe, Canada and the UK."
Antimony, gallium and rare earth elements, which are crucial for clean-energy and advanced manufacturing, will be the initial focus of the Critical Mineral Strategic Reserve.
