NATIONAL Farmers’ Federation president Hamish McIntyre said the announcement of a $10 billion Australian Fuel Security and Resilience package this week is a welcome step toward building the sovereign capability needed to protect the food system.

“The package will establish a fuel and fertiliser security facility, and create a government-owned fuel security reserve” Mr McIntyre said.

“The package will also increase the minimum stockholding obligation by 10 days.

“These are practical decisions that will increase our liquid fuel and fertiliser security,” he said.

Mr McIntyre said Prime Minister Anthony Albanese has been clear that the fuel reserve will focus on regional stockouts and supply constraints for essential users.

“This is critical and we want to ensure farmers and fishers see the benefit of this on the ground,” he said.

“We’re also pleased that the announcement extends to government-backed loans, equity, guarantees, insurance and price support for the supply and storage of fertiliser.

“Reliable and affordable fuel and fertiliser underpins every stage of food production, and recent events have shown just how exposed Australia is to global shocks.

“We’ll continue working with the Government to ensure these measures deliver for producers to keep food and fibre growing and moving,” Mr McIntyre said.