The Australian Government has secured new laws to shield Australians from global fuel supply disruptions, following the passage of the Export Finance and Insurance Corporation Amendment (Strategic Reserve) Bill 2026 through Parliament.

The legislation presents an expansion of the government’s role in managing fuel availability and strategic materials, equipping it with new tools to respond to international market instability and ensure continued access to essential resources across Australia.

The new framework grants the government authority to secure fuel and other strategic materials, including fertiliser, by engaging directly with international suppliers. It also enables Export Finance Australia (EFA) to underwrite fuel purchases from global markets, strengthening the government’s capacity to coordinate supply and maintain consistent fuel flows.

These measures are designed to support the needs of households, farms, and businesses, while also ensuring that regional and independent fuel suppliers can access additional cargoes to meet demand. In doing so, the legislation seeks to reinforce the resilience of supply chains that are critical to Australia’s economy and daily life.

At the same time, the legislation delivers on a commitment to establish a Critical Minerals Strategic Reserve, which will allow the government to secure, sell, and stockpile minerals and rare earth elements considered vital to national security, economic activity, and long-term industrial development.

The reserve is intended to support Australia’s broader ambitions under its Future Made in Australia agenda, while strengthening the country’s position in global supply chains. Antimony, gallium, and rare earth elements have been identified as the initial focus of the reserve due to their importance in clean energy technologies, advanced manufacturing, and defence applications.

Minister for Climate Change and Energy Chris Bowen indicated that, the Government’s priority in using these new powers would be to give fuel suppliers confidence to secure additional cargoes, to service additional demand, including for regional and independent fuel suppliers.

“While Australia’s fuel supply outlook remains secure over the near term due to the actions the Government has taken to date, we have been clear – the longer this war goes the worse the impacts will be. Our Government is undertaking every practical measure required to shield our nation from the worst of this global uncertainty. We are acting now to prepare and shield Australians from the worst of this ongoing conflict.”
Chris Bowen

Antimony, gallium, and rare earth elements which are essential to advanced manufacturing and clean energy technologies will be the first materials prioritised under the Critical Mineral Strategic Reserve, according to the Labour Government, highlighting their strategic significance to contemporary industrial processes and the development of emerging technologies across numerous sectors.

Australia Advances Critical Minerals Strategy to Strengthen Global Supply Chains

According to the Minister for Resources and Northern Australia, Madeleine King, the legislation was an important step in Australia’s global leadership on critical minerals and rare earths.

“The Critical Minerals Strategic Reserve will support Australian critical minerals mining and processing projects, create jobs and ensure Australia remains central to global efforts to build stable and reliable supply chains. Critical minerals and rare earths are at the heart of our economic and national security and are crucial for clean energy technology, advanced manufacturing and defence applications.”
Madeleine King

She added that the Labor Government is “delivering on its election commitment to establish the Critical Mineral Strategic Reserve to support our critical minerals and rare earths sector.”

Moreover, Minister for Trade and Tourism, Don Farrell noted that Australia possesses some of the world’s most extensive reserves of critical minerals and rare earth elements, supported by strong international trade relationships and a long-standing reputation as a dependable supplier of resources and energy globally. He emphasised that these advantages position the country to take full advantage of emerging opportunities in the sector.

He explained that the Critical Minerals Strategic Reserve is intended to leverage this opportunity by encouraging greater onshore processing of critical minerals, which in turn would support the creation of secure, well-paying jobs within Australia. By developing domestic processing capabilities, the initiative aims to increase the value derived from the nation’s natural resources while strengthening its industrial base.

Senator Farrell also highlighted that the reserve will play a role in diversifying global supply chains. This diversification is expected to enhance resilience and reliability in the flow of essential materials, while also supporting stronger relationships with key international partners and trading allies, including the “United States, Japan, the Republic of Korea, Europe, Canada, and the United Kingdom.”