Scott Wyatt

You also make jet fuel and you also make petrol.

And if you've got nowhere to sell it, it becomes very difficult to

to run a refinery.

We had to impair the operations of Geelong significantly just to be able to run a feasible operation that made the minimum amount of petrol and jet that we could through that period of time.

It lost an awful lot of money.

And that environment, we didn't know at the time how long that was going to continue for, but it was unsustainable for us to continue operations, particularly coming out of a period of time that was already quite a challenging period for refining leading into the pandemic.

And

You know, we went into the pandemic with four refineries.

We came out of it with two.

So we did lose two.

It was absolutely hugely challenging.

And that drove us to sit down with the government of the day, with Minister Taylor at the time, and be frank about the future of refining.

And that was what ultimately was the birth of the fuel security services payment and

All that does is it provides a safety net.

So if refining margins through a period of any particular quarter in a year, because we obviously compete with refineries overseas, we're a price taker in that regard.

If that period is below a level that's unsustainable for refineries to operate, that's when the payment kicks in.

It's only kicked in for us in one quarter since 2021.

So it's been...

We haven't needed to call on it through that time.

So it's been highly effective in terms of getting the right balance between the interests of the public and the interests of our company and continuing to run the refinery.