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Export Finance and Insurance Corporation Amendment (Strategic Reserve) Bill 2026
House of Representatives
Senate
Assent
Topics
critical minerals economic security energy security fuel supply national security strategic materials supply chain
Introduced by: Senator the Hon Don Farrell (ALP)
Links to official parliament websites
Effects of this bill
If this bill passes, it means that:
The Debate
What different members said when this bill was debated:
Nita Green ALP
“I move: That this bill be now read a second time. I seek leave to have the second reading speech incorporated in Hansard. Leave granted. The speech read as follows— EXPORT FINANCE AND INSURANCE CORPORATION AMENDMENT (STRATEGIC RESERVE) BILL 2026 The events of the past few weeks have been a reminder to us all that while Australia is an island, we are not removed from the world.”
Matthew Canavan NAT
“Finally, colleagues, the Labor Party has realised that oil, diesel and petrol are strategic commodities. What the Export Finance and Insurance Corporation Amendment (Strategic Reserve) Bill 2026 does—what the Labor Party are doing at the last minute as we enter perhaps the worst energy crisis since the 1970s—is finally, belatedly recognise we need fossil fuels to keep our country moving.”
Deborah O'Neill ALP
“While I appreciate the drama and rhetorical flourish of contributions here in the chamber, Australians need fuel. They’re not interested in words being issued with passion and vigour that actually mean nothing to them when they get to the bowser. They need a responsible government that’s actually doing what needs to be done.”
Penny Wong ALP
“I thank Senator Waters and Senator Bragg for their courtesy in allowing me to speak earlier in this debate. This is a bill about Australia’s economic resilience, and I thank Minister Farrell for his work to deliver this important legislation. The current conflict in the Middle East is an unprecedented shock to global energy markets.”
Larissa Waters GRN
“I rise to speak to the Export Finance and Insurance Corporation Amendment (Strategic Reserve) Bill, which has been raced through parliament in the last 48 hours.”
Andrew Bragg LIB
“There is one clear fact that comes out of this crisis, and that is that Australia is massively underprepared for what are very dangerous times. We live in extremely dangerous times, where we have a slew of countries that hate our democratic traditions and hate our free societies. Do you know what the best insurance policy for dangerous times would have been?”
Pauline Hanson PHON
“This fuel crisis is a very loud wake-up call. Australia has been left at the mercy of global events. Our lack of influence on the world stage, our poor defence capabilities and our extreme dependence on global supply chains have been all exposed. Australia should never seek out wars, but we must always be prepared for them.”
Sean Bell PHON
“Australians need to understand just how serious this moment is. The crisis we are in, that we’re dealing with right now, has been caused by Labor’s failure to prepare and Labor’s failure to act swiftly. But this crisis is also only a drop in the ocean compared to what One Nation fears is coming down the pipeline.”
Tyron Whitten PHON
“Let me begin by saying that we support the Export Finance and Insurance Corporation Amendment (Strategic Reserve) Bill 2026. But it should never have been necessary. The Labor and coalition governments of the past decade have failed to take fuel security seriously. This is a belated measure to safeguard Australia’s fragile fuel supply.”
Tammy Tyrrell ALP
“Straight up, I’ll be supporting the Export Finance and Insurance Corporation Amendment (Strategic Reserve) Bill 2026, which will create strategic reserves for fuel and critical minerals and give the government the ability to better respond to future disruptions to supply chains. Australians need to know the government can and will step in to protect us from supply problems.”
Don Farrell ALP
“Can I thank my colleagues for their contribution to this debate. The Export Finance and Insurance Corporation Amendment (Strategic Reserve) Bill gives Export Finance Australia new powers to help ensure Australia’s preparedness to address supply chain disruptions.”