00:00Australia will spend $10 billion Australian dollars or $7 billion US dollars to boost its national fuel stockpiles and create
00:09a permanent government-owned fuel reserve.
00:11Prime Minister Anthony Albanese says the move will lift onshore fuel holdings to at least 50 days' supply, aimed at
00:20protecting the country from future disruptions.
00:25Today I am also announcing that the federal budget next week will include an Australian fuel security and resilience package.
00:35This is aimed at making sure that Australians can have more confidence in protecting our energy sovereignty, not just during
00:44this crisis but going forward as well, protecting our nation's energy interests.
00:50Australia imports about 80% of its fuel and has experienced localised shortages since the start of the conflict in
00:57the Middle East.
00:58Its current reserves, mandated at around 30 days' supply, rely on stocks maintained by private companies.
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