Australia to Overhaul Export-Finance Laws to Combat Fuel Shortages

Prime Minister Anthony Albanese announces new powers to underwrite private sector fuel purchases as the conflict in the Middle East disrupts Australian supply chains.

By: AXL Media

Published: Mar 28, 2026, 5:58 AM EDT

Source: Reuters

New Government Intervention Powers

The legislative changes, set to be introduced to Parliament on Monday, March 30, 2026, will grant the government unprecedented authority to intervene in the energy market.

Underwriting Purchases: The nation's export-finance agency will be empowered to underwrite the purchase of fuel shipments by the private sector, ensuring that shipments currently deemed too high-risk or expensive due to the war can still reach Australian shores.

Securing the Supply Chain: Albanese emphasized that these "new fuel security powers" are a direct response to the vulnerability of a nation that imports roughly 90% of its fuel.

Current State of National Reserves

Energy Minister Chris Bowen provided a snapshot of the country's current strategic reserves as of March 28: