Australia would maintain a minimum 60‑day fuel reserve and build more than 1 billion litres of additional onshore storage under an $800 million proposal the Coalition is urging the Labor government to match. The plan comes as the war in Iran and the closure of the Strait of Hormuz highlight Australia’s vulnerability to global oil supply disruptions.
Opposition Leader Angus Taylor is set to announce the policy on Tuesday, outlining a strategy to strengthen the nation’s liquid fuel security. With Labor preparing its own response in the May 12 federal budget, the Coalition says a future government under its leadership would double the current minimum stockholding requirement to 60 days by 2030.
Achieving that target would require fuel importers and refineries to significantly expand storage capacity nationwide. Taylor says the Coalition would support this expansion through a new $800 million Australian Fuel Security Facility, designed to accelerate investment in critical infrastructure.
Under the proposal, the funding would deliver at least 1 billion litres of extra onshore storage for petrol, diesel and jet fuel a move the Coalition argues is essential to protect Australia from future global supply shocks.
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