The objects of this Act are the following:
(a) to improve security and confidence in Australia’s fuel supplies;
(b) to support sovereign capability to maintain fuel supplies;
© to contribute to meeting Australia’s obligations under the International Energy Agreement;
(d) to assist in preventing disruptions in fuel supplies.
(2) The objects are to be achieved by:
(a) requiring the holding of minimum quantities of stocks of certain fuels in Australia; and
(b) making payments for production of refined fuels to support the contribution made by refineries in Australia to the security of Australia’s fuel supplies.
The Act provides for “the prevention, control and abatement of pollution and environmental harm, for the conservation, preservation, protection, enhancement and management of the environment and for matters incidental to or connected with the foregoing”.
To protect the environment of the State by taking into consideration 5 key principles. 1: Precautionary principle, 2: intergenerational equity, 3: conservation of biological diversity and ecological integrity, 4: improved valuation, pricing, and incentive mechanisms, 5: principle of waste minimisation.