Address to the Global Food Forum, Sydney

Thanks to Michelle Gunn and The Australian, along with today’s event partners for the opportunity to join you here this morning at the Global Food Forum. 

It’s great to see such a broad list of industry participants, with this significant expertise here in the room to ensure today’s discussions are bold, innovative and productive.  

Of course, we’re here today to discuss the importance of Australia’s food future. 

A future that ensures our supply chains are strong and resilient.   

A future where our food and fibre producers continue to harness technology to boost their efficiency and productivity. 

And a future where Australia continues to seize new market access opportunities and remain competitive on the global stage. 

These priorities are something the Albanese Labor Government is proudly backing. 

We know how critical these priorities are for every stage of our supply chain – from our farmers, producers, exporters, and retailers. 

And we know that they underpin the future success and growth of Australian agriculture. 

The events of the last few weeks have reaffirmed the importance of having strong food production systems. 

And front of mind for our farmers and producers has, of course, been the supply of critical inputs, including fuel and fertiliser, which we know underpins everything they do. 

That’s why our Government has acted swiftly to work with and support our farmers with some of the immediate challenges. 

The roundtables we are now holding each week with my Ministerial colleagues and representatives from across industry has been followed by a series of key actions to assist our farmers, producers, and regional communities.  

We’re releasing up to 20 per cent of the baseline Minimum Stockholding Obligation for petrol and diesel, which we know are critical inputs for our farmers and producers. 

This will allow the release of up to 762 million litres of petrol and diesel from Australia’s domestic reserves. 

The Government will allow fuel companies to hold less in storage and get more into pumps in our regional areas – targeted towards localised market disruption and prioritised based on industry feedback. 

These stocks of fuel held in Australia must be maintained each week by bulk importers and refineries. 

Our Government has also strengthened actions for the ACCC – with more scrutiny and surveillance, bigger penalties, and further steps to shore up supply. 

We are doubling the penalties for false and misleading conduct and cartel behaviour, up to $100 million.  

We have tasked the ACCC with ramping up fuel price monitoring even further. 

This week the ACCC held an emergency meeting with fuel retailers to get to the bottom of recent pricing behaviour. 

And critically, the ACCC will work with suppliers to address bottlenecks.  

In order to assist with getting more supply, we have also temporarily amended Australia’s fuel quality standards to allow higher sulfur levels until the end of May. 

This will allow around 100 million litres a month of new petrol supply to be blended into our existing domestic supply. 

Ampol Australia has committed to ensure this additional supply will be prioritised for our regions experiencing disruption, and for the wholesale spot market that supports independent distributors and harvesters. 

Our Government has been unequivocal – this additional supply must help the people who need it, including farmers, fishers and regional communities. 

The National Coordination Mechanism is also continuing to convene to respond to emerging fuel supply chain pressures.   

While we do not currently face immediate shortages of fertiliser for the upcoming cropping season, we’re working closely with industry to monitor existing supplies and work through alternative sources of supply, including from across Asia. 

And in the same way we’re working with industry and the ACCC to supply fuel to the regions, we’re working with industry and the ACCC on similar arrangements for fertiliser supply – something industry have directly called for. 

We do this work in collaboration with industry, because we all have an interest in keeping Australia’s farmers farming. 

We will continue to closely monitor the situation and work carefully with you to understand the impacts and to keep Australian food supply strong. 

As we continue our work to respond to the conflict in the Middle East, we have not slowed down our Government’s broader effort to improve the resilience of Australia’s food system. 

This work has stemmed since COVID, because the pandemic reaffirmed the importance of bolstering our domestic capabilities and doing more in our own backyard. 

Our Government has committed $22.7 billion to build a Future Made in Australia. 

Through this investment, we’re working across industries, including agriculture, to build a stronger, more diversified, and more resilient economy. 

We’re backing innovation and harnessing renewable energy sources to boost productivity, unlock more jobs in our regions, and to ensure Australia remains competitive on the global stage. 

A key part of this is our $1.1 billion investment to develop production of low carbon liquid fuels right here in Australia. 

This investment will offer a decarbonisation pathway for the critical industries that move our food and fibre, from heavy transport, aviation and shipping. 

This won’t just benefit our fuel security and emissions reduction, it will support Australian farmers, foresters and our regions. 

It’s an investment that’s been welcomed by stakeholders across our agriculture industry, including the National Farmers’ Federation. 

And construction of Australia’s largest urea plant continues to progress, supported by our $220 million loan to Perdaman through the Northern Australia Infrastructure Facility. 

This facility is set to be operational next year, and will help kickstart a new multi-billion-dollar fertiliser industry here at home. 

Through our more than $300 million Climate-Smart Agriculture Program we’re supporting the development and roll-out of innovative technology that’s helping our farmers and producers to boost their productivity.  

And we’re delivering an additional $1 billion in concessional loan funding through our Regional Investment Corporation to help keep our farmers farming. 

Support delivered through RIC helps our farmers and producers experiencing drought, and will now also include assistance for improving climate resilience, and boosting sector productivity. 

These investments are critical to keeping our food production pumping, our supply chains moving, and are bolstering our domestic capabilities. 

They’re critical for exporting our food and fibre to around 190 countries across the globe – with our agricultural trade the most diversified it’s ever been.  

We can produce almost everything we need for our food and fibre, and far more than we eat, which is why we export around 80 per cent of our agricultural production value. 

That’s why the trade diversification that our Government has worked day and night on with and for our farmers and producers is more important than ever in times of global uncertainty. 

I know the impact trade disruptions can have on our exporters, farmers and producers, and the Government stands with them. 

And of course, our Government has made the development of a National Food Security Strategy front and centre of our agriculture policy. 

The strategy, Feeding Australia, will provide a long-term, whole-of-system plan to boost the productivity, resilience and security of our national food system. 

We have already made significant progress on the development of Feeding Australia. 

This includes an extensive public consultation process and the establishment of a National Food Council to advise on the strategy last year. 

The Council is made up of industry and community experts from across our food system, including Barry Irvin AM, who I am pleased to see here today. 

The Council will be meeting in Canberra next Monday and I have asked it to focus its agenda squarely on the current situation in the Middle East – receiving briefings from the public service and industry. 

I look forward to meeting with the council to hear their insights and discuss how we can continue to support farmers and producers through the immediate situation. 

As well as what lessons we can learn as we continue to develop the Feeding Australia strategy. 

Because, of course, the Feeding Australia strategy is about the entire food system and all of the emerging challenges it may face. 

And the reliability of our food system unlocks so much good… 

… contributing to Australia’s enviable public health and nutrition, 

… helping improve food security for our neighbours across the Indo Pacific region,  

… and supporting our national economy with record export success.  

Australia’s farm gate production value is on track to exceed $100 billion this financial year, four years ahead of industry’s ambitious 2030 target. 

And development of our National Food Security Strategy is full steam ahead. 

But there’s always more to do, and that’s why forums like today are so important. 

I started this morning talking about our shared priorities for the future of food security and capturing Australia’s global food advantage.  

I know there will be a number of productive discussions on this here today. 

And my message to everyone here this morning is we’ll continue working closely with you, with our farmers, producers, exporters, retailers, and broader agriculture industry to ensure Australia’s food system remains strong into the future. 

Thank you for everything you all bring to our food system, and thanks for welcoming me here today.