JESS MCGUIRE, HOST: New South Wales Senator, Tim Ayres, who is also the Minister for Industry and Innovation was at that roundtable and joins us now. Good afternoon, Minister.

SENATOR TIM AYRES, MINISTER FOR INDUSTRY AND INNOVATION AND MINISTER FOR SCIENCE: G’day, Jess, Good to be on the show.

HOST: So what actually came out of the meeting today?

AYRES: Well, there was a very good discussion. It follows on obviously from close work being led by the Minister for Energy, Chris Bowen, with the petroleum sector, of course, ever since this conflict in Iran began just a week and a bit ago. We are in a position as a country where the work that the government has done to build our strategic fuel reserves, our Minimum Stockholding Obligations, means that Australia is in a more fuel secure position today than it has been for 15 years. But we do need to work together with industry, with the fuel sector, with the farming sector, the fertiliser sector, and with consumers to make sure that we can continue to make sure Australia’s fuel is secure.

HOST: Yeah. You mentioned it’s the best, you know, fuel reserve numbers in 15 years. But under international energy rules, we are meant to have around 90 days of fuel in reserve. Australia has something closer to a month or so. So how is that considered good enough?

AYRES: Well, the IEA rules are actually designed so that countries can release oil during global supply crisis. So, OPEC makes a decision to restrict supply, they are collective arrangements. Our Minimum Stockholding Obligations at the moment are being exceeded, so we have 1.56 billion litres of petrol, for example, 36 days’ worth of petrol. 2.97 billion litres of diesel. That’s 32 days’ worth of diesel. And those numbers haven’t changed since the beginning of the crisis in the Middle East and as you might have heard the energy minister report earlier this morning, we’re watching very closely arrivals of fuel ships from the Middle East and the progress of ships between here and the Middle East and everything is staying exactly as it is expected to be so there is a consistency to our adherence to our Minimum Stockholding Obligations. Obviously, we’re working with industry very closely –

HOST: Yeah.

AYRES: – to watch that and to make sure that that continues.

HOST: It does sound like there’s a consistency in not meeting the benchmark, which I don’t know that we could be too proud of. I mean, 90 days in fuel reserves, and we’ve got a month or just a little bit over a month. I’m just curious, why is that? Why have we struggled? Because you’re saying we’ve got the numbers that we’ve got now is the best in 15 years. So that’s a long time before there’s been a crisis to not be meeting the benchmarks. Why can’t we?

AYRES: Well, the IEA benchmarks are collective benchmarks that are there to meet supply challenges if OPEC makes decisions and national strategic reserves are as I’ve outlined. Now, we’ve had to implement Minimum Stockholding Obligations as a Government. They weren’t being applied by the previous Government. The previous Government’s approach was to have those, to locate our fuel reserves in Texas. That was Angus Taylor’s approach. We have built a position where Australia is more fuel secure than it has been for a generation.

HOST: I want to talk about what the National Farmers Federation have said since the meeting, because they attended this roundtable as well. What did they tell you about what farmers are dealing with right now?

AYRES: I should say, Jess, that we’re in the middle of a division here, and I’m just one minute before I have to jump off the phone, I’m afraid. We talked to your producer about the danger of the Senate divisions. We had a very good discussion with National Farmers Federation about both fuel and fertiliser supplies. There are some challenges in some areas. What we’re seeing is not a challenge, it’s about supply, but as a challenge about differing behaviour in terms of demand –  

HOST: Okay.

AYRES: – creating differential impacts across the country, and that’s been felt in some parts of regional Australia.  

HOST: Okay, and Minister, I’m very conscious of your time. I know that oil prices have eased a little overnight. There are concerns that drivers aren’t going to see it at the pump soon enough. Big concern from many of our listeners is price-gouging, right? If companies are found to be using this conflict as an excuse to push prices higher than they should be, what are the consequences?

AYRES: Well, can I say with the 12 seconds I have left, prices go up when there’s these kinds of challenges. And when the international price goes up, we expect to see prices go down. That’s what the ACCC is for.

HOST: It doesn’t seem to be meeting the needs, though.

AYRES: Got to go, Jess. I’m afraid I’m in a division, thank you.

HOST: Thank you. Minister Tim Ayres, the Minister for Industry and Innovation and a New South Wales Senator.

ENDS.