Australian Parliament urgently authorizes strategic reserve plan to address supply disruption crisis

Golden Ten Data reported on April 1 that due to energy shortages triggered by Middle East conflicts, the Australian parliament has passed legislation authorizing the country’s export credit agency to purchase, stockpile, and sell fuel and critical minerals, including rare earths. This move comes as gasoline and diesel prices at gas stations across Australia have surged to record highs. Panic buying has driven up demand—especially in rural areas—and led to some gas stations running out of fuel, prompting the government to introduce measures such as halving fuel taxes and reducing heavy vehicle charges. The new law allows the Australian Export Finance Agency to replenish the country’s existing fuel reserves. The agency has primarily focused on providing loans, bonds, and equity support for Australian companies’ overseas operations, but as it transitions into the government’s trade department, its mandate has now expanded to include the purchase of diesel, gasoline, and rare earth elements to strengthen the supply chain.