Lubeck MarjaMARJA LUBECK (Labour): Thank you Madam Speaker for the opportunity to take a call on the Fuel Industry (Improving Fuel Resilience) Amendment Bill. So I would like to start off perhaps by talking a little bit about the principles behind this bill. I know unfortunately I've drawn a split call so that means I only have five minutes to talk about that and I don't have the luxury of some of the other speakers where I could have talked in depth for 10 minutes on what needs to be said on this bill. But I would like to get us to think back a little bit to the time that we had the recent weather events and particularly coming from a rural area the importance as my colleague—Bennett? Hon Members: Glen. MARJA LUBECK: Glen. I was going to say the Hon" but he's not "the Hon". But he's honourable—you know what I'm saying. But my colleague Glen Bennett was mentioning the risk—ASSISTANT SPEAKER (Hon Jacqui Dean): Order! Order! [Assistant Speaker points to the bill]MARJA LUBECK: —the disruption can actually cause. That's right. So what the bill does is it is making sure that we have the mitigations in place so that we don't have to run out of our stock and we can draw on the resources that we have available. So for example looking at the civil defence centres that were set up for example where there was the need to put not only water and food in stock but also fuel people had to run their generators. Of course if you don't have diesel sitting somewhere in your shed or wherever else in containers you're going to run out of the ability to make power and in rural areas it also means you won't even be able to get the water out of your water tanks. So again the really important principle that sits behind this bill is that we are ensuring that we have mitigations in place to draw on our existing resources and we don't get into issues. Minister Woods has described it and said that this bill would enable the Government to have a clearer oversight of New Zealand's fuel resilience and would build in the flexibility that we need to adapt the stockholding obligation as energy and transport trends are changing. So this bill that is being introduced today will help to ensure that we have sufficient petrol diesel and jet fuel in New Zealand to weather any potential major disruptions to our fuel supply. It has been said that that risk of disruption is potentially low. If it does happen it could cost the economy hundreds of millions to billions of dollars. So then a little bit on the technical parts of this bill. What this bill actually does is it enables the minimum stockholding obligations regulations to be adapted as the energy and transport environment evolves. That will ensure that as a Government there will be a clearer oversight of New Zealand's fuel resilience but at the same time we will also make sure that we build in the flexibility that we may need to adapt. So that means planning to buy and hold 70 million litres of diesel stocks in New Zealand and that is approximately seven days' worth—you would think it's more but it's seven days—and that recognises the importance of diesel for running emergency services and transporting food. Now that would require obviously setting up agreements with the fuel industry and storage providers. The bill also includes introducing regulation-making powers so that the obligation can be adjusted as needed. So that means flexibility to introduce legislation-specific stockholding requirements through regulations in the future. As has been said before that is for different fuel types whether that is the 28 days of use of petrol 24 days of jet fuel and 21 days of diesel on average for every month but that would be the combined minimum stockholding levels that this bill would equate to roughly. So the bill then just to finish off—I see I'm running out of time unfortunately—provides a statutory framework for implementing the Government's fuel resilience policy package announced in November 2022 ensuring that we can take an adaptive approach to adopting fuel resilience measures over time and ensuring that New Zealand will have continuous and adequate fuel stocks to mitigate the risk of fuel disruptions. Key components in that are—ASSISTANT SPEAKER (Hon Jacqui Dean): Order! Order! The member's time has expired."