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Improving Australia's Liquid Fuels Data – Regulation Impact Statement – Department of Resources, Energy and Tourism

On Friday 25 January 2013, the Minister for Resources and Energy announced that the Australian Government will introduce a national mandatory reporting regime for petroleum statistics–replacing the existing voluntary scheme. The mandatory reporting scheme is designed to improve the quality and coverage of data on production, sale, stocking and trade of petroleum across the Australian supply chain. This will assist the Australian Government to: maintain and improve an understanding of Australia’s liquid fuels market; to inform evidence-based policy around Australia’s liquid fuels supply chain; and enhance Australia’s ability to comply with international reporting obligations. These changes follow recommendations to improve the reporting regime in the International Energy Agency’s 2012 Review of Australia and the Energy White Paper 2012. A Regulation Impact Statement was prepared by the Department of Resources, Energy and Tourism and assessed as adequate by the Office of Best Practice Regulation.