Australia's New Fuel & Mineral Reserves Bill

0:00It's March 30th. Welcome in. This is Sydney News Today, where local news meets AI. I'm Corey with the story. Australia's government just dropped a major bill to build strategic reserves for fuel and critical minerals, giving them huge powers to back purchases. Of any key supplies at risk of shortages, resources Minister Madeline King can label stuff nationally vital and export finance Australia steps in with guarantees, loans, or even direct buys. With the government eating all risks and pocketing profits. This includes up to $3 billion for urgent fuel security spending through July, and it covers buying, shipping, or storing these goods. Prime Minister Anthony Albany says it'll only kick in for real crises, not everyday trades, but critics worry the loose rules could stretch to. Almost anything deemed at supply chain risk. The coalitions on board, so the bill sales through Parliament this week without a full inquiry. Greens leader Larissa Waters calls it unchecked power for future ministers, pushing amendments to add safeguards and block things like coal or gas.

1:07Underwriting, while nationals Matt Kenevin blasts labor for flipping their own rules on fossil fuel financing. Fuel stocks are steady right now. 39 days for petrol. 30 for diesel and aviation fuel. With shipments rolling in, though Middle East. Tensions could tighten things if the Strait of Hormuz stays choked. Six tankers got swapped last week after cancellations, but supplies look good for another two weeks at least. This also locks in a promised critical minerals reserve from last year's US deal, starting with $1.2 billion for antimony gallium. And rare earths to boost mining. As global shocks keep coming, these powers aim to keep Australia proactive on essentials.