The Government bill that will see Australia comply with International Energy Agency obligations has passed Parliament today. Under the Agreement on an International Energy Program, member states are required to hold stocks equivalent to 90 days of the previous year’s net oil imports. The new laws will enable the Government to enter commercial oil stock ticket contracts where the buyer reserves preferential access to the supply and may release this stock to the market if not required.
The Product Emissions Standards Bill 2017 (Cth) and three other related bills are currently before the Senate. The Bills collectively introduce a national emissions standard for new non-road spark ignition engines, mechanisms for certification and enforcement measures to ensure compliance. Non-road spark ignition engines refer to household tools such as lawnmowers and leaf blowers and marine engines. The standards reflect part of the National Clean Air Agreement (2015) between state and federal governments.
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