Press conference, Fairfield West, New South Wales

MINISTER FOR CLIMATE CHANGE AND ENERGY, CHRIS BOWEN: Well, good morning everyone thanks for coming to the Saturday fuel update. I'm pleased to say that Australia has 48 days of petrol supplies on hand as we speak. This is actually the highest level of petrol Australia has held since the minimum stock obligation was introduced in 2023.

It is 12 days more petrol on hand than on the day Iran was first bombed. This is remarkable in the face of very tight international supply chains and the worst geopolitical environment you could imagine for oil supply. The fact that Australia, government and industry working together, has seen 48 days worth of petrol on hand, I think can give Australians quiet confidence that we are getting through this real global crunch in a way that Australia can be proud of.

We have 36 days worth of diesel on hand. Diesel, of course, is so important to rural producers and regional Australians and more broadly. And that's four days more than when Iran was first bombed.

We have 30 days worth of jet fuel, which is one day more than when Iran was first bombed. As we speak, we have 46 ships on the water on their way to Australia with varying types of fuel. That's a good thing.

And we have 3.3 billion litres of fuel deliveries locked in for the next four weeks, contracted to be delivered. That consists of 1.6 billion litres worth of diesel, 591 million litres worth of petrol, 394 million litres worth of jet fuel and 664 million litres of crude oil. That's largely consistent with the figures we've seen in recent weeks, locked in deliveries of diesel and petrol a little lower than last week, locked in deliveries of jet fuel and crude oil a little higher than last week.

So again, all this tells me that our supply chains remain obviously under pressure because of the international environment, but solid and secure for Australians, and we have fuel supply locked in for as far forward as these things can reasonably be done. In addition, I have two announcements this morning. As you know, the Albanese Government has been supporting fuel imports, extra fuel imports, over and above what would normally happen through the Export Finance Australia mechanism.

I’m pleased to announce this morning that we have entered into another cargo, 40 million litres worth of diesel specifically targeted for regional Queensland in particular, but regional Australia more broadly. But specifically regional Queensland through Freedom Fuels. This is the first EFA contract we’ve supported through Freedom Fuels, and they will supply Woodhams[sic], who are a distributor who exclusively focus on regional Australia.

This cargo will come into Brisbane during June, and will be targeted for regional Queensland. Again, that extra buffer if things get even tighter internationally, that Australia will have on hand. So thank you to EFA, and to Woodhams and Freedom Fuels who have been working with us, as have all of the fuel suppliers, to build up that buffer.

This is just the latest in a number of cargoes that Don Farrell and I have announced in recent weeks, and will provide an extra buffer. Finally, as you know, earlier in this international crisis I reduced the minimum stock obligation by 20 per cent to help fuel companies make sure that they could get the fuel out to regional Australia, who were feeling the pressure.

There was no point fuel in big tanks in Geelong and Brisbane and elsewhere when service stations were going through shortages. I have decided to extend that reduction until September, it was due to run out in July. Simply because we continue to work in an uncertain international environment.

We continue to work in a situation where we need to be agile. And I’ve reached a judgement that it’s best to provide that ongoing flexibility while we are still, currently, way above our minimum stock obligation holdings requirements, just to keep that flexibility. For fuel companies to be get fuel out to regional Australia in particular if and when necessary over coming months.

So that extension will apply until September of the 20 per cent reduction in the minimum stock legal obligation on fuel companies. So again, to conclude, I think Australians can take some comfort that government and industry working so closely together has seen our fuel supplies remain secure, where people who said rationing was inevitable at Easter. It wasn’t the case.

It remains not the case. We continue to remain focused on this task every single day. Australians need to know that their government and industry are focused on ensuring ongoing fuel supply, and we certainly are.

Okay, might go to journalists who are here for questions first, and then journalists on the phone. JOURNALIST: Sure. Minister, what month do we have fuel secured until?

MINISTER BOWEN: Yeah, we have now fuel secured into August, well through June and July and into August. As I said, there’s a four weeks worth of supplies that I announce every week, but there are also some contracts locked in beyond that. I never make a commitment over and above what we know.

We’re now getting into the end of May and the beginning of June, so that’s encouraging. We have some orders into August, but we have certainly now fuel supplies locked in through June and July. JOURNALIST: Would you expect for that that- should it be any more or less than that, or is that alright?

MINISTER BOWEN : Look, I expect that that will continue. As I said, I've been doing these Saturday updates for quite a while now, and the situation has remained pretty stable. And I envisage that to continue to be the case for the foreseeable future, recognising, of course, that the longer this crisis in Iran goes on, the harder it is for countries around the world in a very difficult international supply chain.

JOURNALIST: During the Senate estimates this week, it was revealed that the Fuel Tsar was paid $16,000 a week. Is that money well spent in your eyes? MINISTER BOWEN : Look, I think so.

It's been important to have, in the Prime Minister's department, someone coordinating with state agencies, working to ensure that all the prudent necessary arrangements are put in place, that all the necessary engagements are in place with industry. Of course, I think that the fact that Australia is getting through this international crisis so well indicates that the steps the government have put in place early,including through the EFA and all the other things, have been investments well made.

JOURNALIST: At the time Australians were struggling to pay for fuel, being told to take public transport, $16,000 a week is a lot for some person [Indistinct]. MINISTER BOWEN: Well, I’m not- obviously we've said to Australians use as much fuel as you need, no more, no less. That remains the situation.

I think that’s true. : But they were struggling to pay for it, is what I'm saying. They were struggling financially. MINISTER BOWEN: And we also reduced the ex- cut the excise and abolished the road user charge for the period.

So all the steps we've put in place have been important to ensuring fuel supply and Australians being able to get that fuel in the circumstances in which we're dealing with. JOURNALIST: Just on the Liberal Party conference, Tony Abbott thinks he can help Angus Taylor become the next Prime Minister. What do you make of that?

MINISTER BOWEN : Look, as I said yesterday, I welcome Tony Abbott's appointment as President of the Liberal Party. Tony Abbott was a disastrous prime minister. He's completely out of touch with the views of mainstream Australia.

Every call that Tony Abbott has made, he's gotten wrong. The more influence that Tony Abbott and Peta Credlin have over the Liberal Party the more they go into this right-wing, extreme vortex, which is out of touch with the views of young Australians. I mean, Liberal Party's idea of the future is appointing a prime minister who left Parliament years ago as their great guide for the future.

This is not a step forward for the Liberal Party becoming a party of a modern, future-looking, young Australia. It's a party focused on theculture wars of the past. And nobody says that more clearly than Tony Abbott.

Might go to the journalist on the phone. JOURNALIST: Hello Minister, it's James from Nine News. MINISTER BOWEN: JOURNALIST: There's these mortgage holders who recently bought a house using the Government's 5% Deposit Scheme could now go into negative equity with house prices dropped by around five or 10 per cent, which is predicted in some suburbs.

Did the government consider the unintended impacts when theylooked at both the deposit scheme and the cooling of the market off the back of the CGT and negative gearing changes? MINISTER BOWEN: Yeah, James, I think everyone’s got to look at the Government’s program as a whole. As a whole.

There are various elements to it – five per cent deposits, reform the negative gearing, reform the capital gains tax, support for infrastructure, for new housing builds. All these things come together. James, I understand that people will go through various permutations.

The fact is the current system isn't working. Young Australians can't get into the market. You know, with average housing prices being what they are, it is prohibitively difficult for young Australians.

So the five per centn deposit's been important. But it's not enough. We need to deal with the situation where first home buyers are turning up at auctions and competing with people who've got the negative gearing tax concession in one pocket and the capital gains tax discount in another pocket, and they're outbidding first home buyers.

And there'll be short term fluctuations in the housing market, but you've got to set policies for the medium and long term, and most importantly of all, we've got to do something about the aspiration of Australians to buy their own home. I mean, it's part of the great Australian dream. I know it's easily said, but it's true.

But it's getting increasingly out of touch for people. We want to fix that. And you take all these policies together and you get a comprehensive plan to make it better and easier for Australians to buy their first home.

And once you're in the housing market,then of course you're on your way. But the hardest part is to get in. : [Indistinct] analysts are saying that the market will stagnate, that it will only really rise with inflation over the next 10 or 20 years, so real term growth might not be possible anymore. They're actually calling it the golden era of housing, [Indistinct] do you agree with that?

MINISTER BOWEN : Look, you're going to see all sorts of modelling and speculation. I mean, I've seen completely different contradictory modelling and analysis over recent weeks from different private companies. You know, the Treasury's done fundamental analysis.

We need to make housing more affordable. Anybody who predicts the housing market over the next 20 years is taking a bit of a punt, to be honest, because there'll be all sorts of implications for housing over the next 20 years. What we're going to do is get the policy settings right for today, so that young people in particular – not just young people, some of them will be trying to get a housing market for a long time, who are not particularly young.

We're going to give them a chance to get into the housing market. That's what we're focused on. : I've got two more questions. One of them is on stamp duty.

The Productivity Commissioner has called for states to scratch stamp duty taxes to increase productivity. Do you agree with that? MINISTER BOWEN : Matter for the states.

JOURNALIST: And lastly, there's been that protest in Victoria Park in Brisbane. Is the government likely to grant Victoria Park heritage status, which would obviously impact the construction of the 2032 Olympic stadium? MINISTER BOWEN : Look, decisions about heritage status are made at both levels of government, state and federal.

I know certainly Murray Watt and the Federal Government would only make a decision like that based on expert advice and the facts and the evidence, not on protests one way or another. Alright, sounds like- yep, one more. : [Talks over] Sorry, do you mind I just ask one more? MINISTER BOWEN: : The fuel excise, the cut is due to end in next month.

Do you plan on extending that? MINISTER BOWEN : I refer you to the comments of the Prime Minister and Treasurer. That's not the current plan, but we'll always keep these things under constant monitoring. : Do you worry that people might start panic buying as they prepare for the prices to rise?

MINISTER BOWEN : We'll consider all of the evidence as part of our normal, methodical, serious consideration of all the options before the Government. Thanks guys. Cheers.

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