Senator The Hon. Matt Canavan, Leader of The Nationals; The Hon. Dan Tehan, Shadow Minister for Energy and Emissions Reduction; The Hon. Susan McDonald, Shadow Resources Minister, Joint Media Release, 31 March 2026
The Coalition is pushing for crucial changes to ensure Labor removes restrictions on investment in oil, gas and critical resources and produces its own energy.
Leader of The Nationals Senator Matt Canavan said the Coalition will move amendments in the Senate to Labor’s Export Finance and Insurance Corporation Amendment (Strategic Reserve) Bill 2026 and the Fuel Security Response Appropriates Bill during Australia’s fuel crisis.
“Labor is asking taxpayers to underwrite imported fuel, while their own policies prevent investment in Australian oil, gas and energy projects,” Senator Canavan said.
“If these fuels are critical enough to stockpile, they are critical enough to produce.
“Unfortunately, we know what Labor did last summer, sneakily changing the Export Finance and Insurance Corporation (EFIC) mandate to exclude fossil fuels.
“Labor also previously directed Export Finance Australia (EFA) not to finance the extraction of coal, crude oil or natural gas, as well as the construction of infrastructure for the primary purpose of extracting coal, crude oil or natural gas and investments for the sole purpose of the use of coal, crude oil or natural gas.
“That’s why it’s time the take the green handcuffs off. The Coalition will move amendments that will back Australian production, not block it, plus remove restrictions on investment in oil, gas and critical resources, ensuring the EFA can support the full range of industries that underpin our economy and build sovereign capability so we are not dependent on overseas supply in times of crisis.
“The Coalition will also amend the Environment Protection and Biodiversity Conservation (EPBC) Act to remove the Government’s change, which restricted the Environment Minister’s powers to approve ‘fossil fuel actions’ that are in the national Interest.”
In the House of Representatives yesterday the Shadow Minister for Energy and Emissions Reduction Dan Tehan moved an amendment to remove section 23C of the Export Finance and Insurance Corporation Act. The Government voted against this amendment.
“Just last year the Government provided a Statement of Expectations to EFA telling them not to support investments in oil, gas and coal and yet yesterday they finally realised that fossil fuels are important to Australia,” Mr Tehan said.
“Australia’s economy and most sectors such as mining, farming, manufacturing and transport are dependent on diesel and products produced from oil.
“After a month since the war in the Middle East started and the government being caught with no plan on how to deal with the fuel crisis it is good that they finally introduced this legislation to the Parliament.”
Shadow Resources Minister Susan McDonald said under the Coalition, EFA backed Australia’s national interest but under Labor, it was repurposed to serve its net zero ideology.
“The Government says this is about national security and supply chain resilience. But national security starts with domestic capability,” Senator McDonald said.
“Australia should not be left funding imported supply while restricting support for domestic production.
“Failures under the Albanese Government include a gas market intervention, overbearing Environment Protection and Biodiversity Conservation legislation, consistent anti-investment rhetoric about arbitrary levies and windfall taxation spooking corporate strategies, and now changes to Export Finance Australia legislation,” Senator McDonald said.
