The Albanese Labor Government said the Australian Fuel Security and Resilience package would secure fuel and fertiliser in the Federal Budget, including a $7.5 billion fuel and fertiliser security facility to boost supply and storage.
The initiative will provide financial support such as loans, equity, guarantees, insurance and price support aimed at strengthening fertiliser availability alongside fuel reserves.
The National Farmers’ Federation said the measures were critical to protecting Australia’s food production system, particularly in the face of global supply disruptions.
NFF president Hamish McIntyre said fertiliser security was essential for farmers across the country.
“These are practical decisions that will increase our liquid fuel and fertiliser security,” Mr McIntyre said.
“Reliable and affordable fuel and fertiliser underpins every stage of food production, and recent events have shown just how exposed Australia is to global shocks.”
The package also includes a government-owned fuel reserve and increased minimum stock holding obligations, but industry leaders say fertiliser support will be just as important for regional communities.
Mr McIntyre said recent disruptions had exposed Australia’s reliance on global supply chains.
Further details of the package are expected in next week’s Federal Budget.
