Australia authorizes the establishment of reserves for key minerals such as rare earths, and also includes fuel reserves in the context of the Middle East crisis.

The Australian Parliament has passed legislation authorizing the country's export credit agency to purchase, stockpile, and sell fuel in physical form, as well as key minerals including rare earths. The energy shortage caused by the Middle East conflict is putting pressure on Australia. Prime Minister Anthony Albanese's government announced in January plans to establish a strategic mineral reserve. However, with the escalating conflict between the US and Israel and Iran disrupting the global energy market, the Labor government has included the authority to acquire and store fuel in the legislation. The bill was passed by parliament on Tuesday. At the time of its introduction, gasoline and diesel prices at gas stations across Australia had soared to record highs. Panic buying increased demand, especially in rural areas, leading to some gas stations running out of fuel and prompting the government to implement measures such as halving fuel consumption taxes and reducing fees for heavy vehicles. The new law allows Australia's Export Finance Agency to increase the country's existing fuel reserves. Originally focused on supporting Australian businesses overseas by offering loans, bonds, and equity, the agency is now expanding its scope to include purchasing diesel, gasoline, and rare earth elements, strengthening the supply chain. The Australian government has allocated $1.2 billion Australian dollars to support the reserve.