211 million dollars investation in local refineries in a bid to secure the nation's long-term supply of fuel

The spending will form part of next month's budget

The government is aiming to increase Australia's oil reserves Source: Getty

Australia currently  imports around 90 per cent of its fuel needs, mainly from Japan, South Korea and Singapore, most of which has already been through the refining process.

The International Energy Association - of which Australia is a member - says this country should have a minimum of 90 days' of fuel reserves.

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