ANGUS TAYLOR: Today we've seen a report come forward from the ACCC about important reforms we've brought forward in the electricity market. There's some good news in that report. We've seen significant reductions in standing offers - those are the contracts you have when you haven't had time to negotiate a better one. Significant savings up for grabs for consumers as a result of those standing offers. We're also seeing a very significant reduction in the sneaky late payment fees that had become widespread in the industry and source of many complaints by customers quite rightly, and we're seeing those reducing very fast which is great news. Thirdly, we’re seeing more competition in the market, in particular, the second tier retailers are providing very aggressive offers - more aggressive than the big energy companies. We strongly encourage people to get on the phone and look for those better prices that are coming forward from the second tier retailers.

Now, I do want to make a comment on what we've seen in the Middle East in the last little while.

We strongly condemn any attack on civilian facilities. The IEA has informed us that there's no immediate threat to Australia's fuel supplies, but there are ample commercial stocks globally to ensure that Australia has the fuel it needs. But we do strongly condemn these attacks.

JOURNALIST: With the Big Stick to the legislation that’s due to come forward to the Parliament this week, how do you, as the Minister intend to use it?

ANGUS TAYLOR: This is for the ACCC, the Treasurer and for the courts to apply appropriately as seen fit. The simple point here is that we haven't seen the behaviour from the energy companies we should've seen in recent years. The ACCC has described some of that conduct as unacceptable and unsustainable. Now, whether it's withdrawal of supply from the market, or untoward bidding behaviour, or unwillingness to contract with smaller new entrants into the marketplace, all of these behaviours are behaviours that the legislation is targeted to prevent. What we simply want to see is the big energy companies in the sector focusing on the interests and needs of those hard working households and small businesses across middle Australia.

JOURNALIST: Are you confident you can get the Senate crossbench over the line on the big stick legislation?

ANGUS TAYLOR: We want to see Labor coming with us and doing the right thing. Fourteen times in the last Parliament they opposed this legislation - they sat on the side of the big energy companies. We want them to sit with us on the side of those hardworking small businesses and households across Australia who deserve a fair deal on energy.

JOURNALIST: If you can't get Labor onside, are you confident that the Senate crossbench have been won over?

ANGUS TAYLOR: Well our goal is to get Labor onside-

JOURNALIST: But the Senate crossbench, Minister?

ANGUS TAYLOR: We want the whole Parliament supporting this legislation. We want the whole Parliament doing the right thing by Australian energy consumers. We want the whole Parliament sitting on the side of those energy consumers, not sitting on the side of big energy companies who choose to do the wrong thing.

JOURNALIST: The ACCC has noted far bigger savings in Victoria. What does that say about the effectiveness of the state legislation coupled with the new pricing laws?

ANGUS TAYLOR: Well every state is different. We saw a much bigger price hikes in Victoria than any other state in recent years. But the simple point here is that standing offers needed to come down to appropriate levels. We've established price caps for those standing offers and there are very significant additional savings available for consumers, particularly from the second tier retailers. You're seeing them pricing much more aggressively in the marketplace.

JOURNALIST: You said that the impact of the situation in Saudi Arabia will be minimal. That's the advice you've received from the International Energy Agency. What will that mean for household budgets in terms of that flow on effect?

ANGUS TAYLOR: I'm not in the business of forecasting oil prices and the government isn't. That’s not what we do. What we have to do though is make sure that we do everything in our power to make sure there's no threat to Australia's fuel supplies. We are told by the IEA that there is no immediate threat to Australia's fuel supplies and there are ample commercial stocks globally. This is a global issue and it will impact globally, not just locally. So it is crucial that those stocks be in place and the IEA has a regime where countries from around the world contribute to making sure that's the case.

JOURNALIST: Australia has continuously had low supplies of oil. When it comes to markers set by international agencies on how much supply we should have, we don't have anywhere near what they're recommending. Is this now the greatest cause for concern we have in this space, and what should the Government be doing to make sure that we can get more fuel supplies if there is an incident like this in Saudi Arabia?

ANGUS TAYLOR: This is a global disruption and it will have global impacts, but-

JOURNALIST: [Interrupts] So-

ANGUS TAYLOR: The point here – let me answer the question – the point here is we need to do our bit and we are doing our bit. By our definition we are around that 90 day mark. So it is crucial that the regime the IEA has in place is respected and that countries around the world do their bit. Now we are continuing to work on how we make sure we do, do our bit. Including by negotiating with the United States on strategic stocks. It is crucial that for exactly events like this, that globally countries right around the world put us in a position where we can absorb shocks like this as best as possible.

JOURNALIST: Does this situation highlight the fact that we have maybe been a bit slow in pursuing options such as that US strategic reserve?

ANGUS TAYLOR: As I say, we do - by our definition - have the stocks necessary to meet our IEA obligations, but it is important that we be in a position where we are able to comply with the IEA requirements and that's why we are doing this negotiations, we're conducting these negotiations with the United States.

JOURNALIST: How many days of fuel supply do we have at the moment?

ANGUS TAYLOR: By our definition we're up around the 90 day mark. That is an appropriate level of stocks because that's what's obliged by the IEA.

JOURNALIST: Aren’t your definitions different to the IEA?

ANGUS TAYLOR: The important point here is that disruptions are typically global, that's why the IEA regime is about each country contributing. We are contributing. We are continuing to review how best to contribute and one of the actions we're taking in the short term is to negotiate with the United States over strategic stocks.

JOURNALIST: How does our definition differ from the international definition?

ANGUS TAYLOR: An important part of this is the treatment of stock on water because Australia is an island. We are well away from most of the rest of the world so that treatment is important. We take the view that stock on water should be part of the IEA obligations. Of course, that means we are at around that 90 day mark. The crucial point here is that countries around the world need to do their bit because these disruptions are global and in combination, we can best absorb them. We are told by the IEA we are in a position to do that and that there is no immediate threat to Australia's fuel supply.

JOURNALIST: What about stock on land? How much stock on land do we have?

ANGUS TAYLOR: The definition includes stock in a range of different places. That is the compliance regime we sit within. Again this is set up by the IEA many, many years back after the first oil shock to deal with global disruptions like this one. The good news is it is working. The IEA tells us there is no immediate threat to Australia's fuel supply.

JOURNALIST: So considering that we've just committed - into the future - but just committed an Australian frigate into the Strait of Hormuz to shore up global shipping lines there for things such as oil, does that mean that Australia's definition at the moment takes into account ships that could be held up by any sort of tension in the Middle East or in the South China Sea? Isn't there a discrepancy there between counting that as part of Australia's fuel stocks but then still having to send defence forces in to make sure it gets to Australia?

ANGUS TAYLOR: Look, I'm not going to wander into the very technical definitions that exist here. The important-

JOURNALIST: Surely that's your role as the Minister.

ANGUS TAYLOR: Well Australia is an island and it is appropriate that fuel on water be treated as fuel on rivers in Europe is treated. So that that's an appropriate way that the IEA obligations should be met. But look the point here is that there is no immediate threat to Australia's fuel supplies. We are told that there are ample commercial stocks by the IEA. Obviously they're monitoring the situation, and we continue to monitor the situation. We do want to make sure that there are no immediate threats to Australian fuel supplies. That's absolutely appropriate.

JOURNALIST: Minister in regards to the ACCC report - just on ACCC report - you mentioned standing offers. The majority of consumers in the market though, are they on standing offers or are they on market offers?

ANGUS TAYLOR: Well large numbers are. If you look at small businesses for instance, almost a quarter of small businesses are on standing offers. There's a simple reason for that, is that they are not in a position to ring around in many cases. Why? Because they're time constrained.

JOURNALIST: [TALKS OVER] So most consumers don’t see any of the savings?

ANGUS TAYLOR: It's very important that standing offers be fair. Now it is also true there are many consumers, the majority of consumers are not on standing offers and they need a fair deal as well. That's why we've brought in the reference price. It is now much easier to shop around than it was before 1 July. We strongly encourage consumers to do exactly that, and we want to make sure that the market offers they are fair. That's part of the reason why we're bringing forward our legislation as quickly as possible into the Parliament, to hold the big energy companies to account and make sure they're doing the right thing.

JOURNALIST: Minister, Fiji's Prime Minister is here. How would you allay his concerns that Australia is not doing enough to stop rising sea levels from hurting countries like Fiji?

ANGUS TAYLOR: We're doing our bit and we should. We entered into the Paris obligations, the Paris treaty. We have met our 2012 and will meet our 2020 Kyoto obligations. We have laid out to the last tonne how we will reach our 2030 obligations.