November 2012

Access to cheap energy has historically underpinned the competitiveness of the Australian economy.

Ongoing access to affordable and secure energy remains of critical importance to the Australian economy today. This is particularly relevant to Australia in the context of access to petroleum products.

Australia’s existing supply of petroleum products comes from both domestic and international sources. The market is currently providing a secure and affordable supply and can be relied upon to continue to deliver this in the future.

It is essential that governments do not undermine the competitiveness of domestic liquid fuel refining and supply through regulatory decisions and other imposts. Unnecessary intervention undermines the effectiveness of market-based outcomes, resulting in higher prices for end-users and undermining incentives for future investment.

Government should seek to put in place policies and regulations that support a stable, long-term investment climate and minimise costs to business.

Submission to the Inquiry into Australia’s Oil Refining Industry