Of far greater strategic significance is that virtually the whole Australian base fuel requirement for just about everything that moves now comes from Singapore by sea in foreign ships.
Morrison keeps banging on about our strategic reserves (lack of) and says that he is negotiating to store our reserves in the USA for example. What use is that when the supply routes are disrupted? Spin, Spin and more spin ....................
Remember Britain in WW2?
Ultimately I feel it matters little where the fuel is stored if at all. For defense purposes the govt would immediately take over any stocks in Australia for the military anyway. Any conflict lasting more than a few weeks will push us back to the 18th century regardless and unlikely such a large scale disruptive conflict would last more than a few hours anyway.
The era of WW2 was very different from today. In the age of globalisation, no country including the US to a degree can be simply cut off from the world and continue to operate anywhere near normal. If we didn't run out of fuel, it would be something else equally disabling. Even if we had our own oil supplies, then what about the spare parts to keep the fields and refineries operating.
Hell likely if Australia was blockaded for 12mth, we wouldn't need the fuel as the bulk of the car/truck fleet would be up on blocks having broken down due to lack of spare parts including tyres.
For example, the primary aluminium sector would be closed within 1-2mths, yet the aluminium sector was kicked off with the opening of Bell Bay in 1956 in a JV between Feds and Tas govt to ensure a supply of aluminium due to WW2. 7 years later the sold that money pit to the private sector because of the usual public service issues and ironically its now one of the worlds oldest continuously operating smelters, however it doesn't run on air.
Storing billions of dollars of oil for a what if of unknowns, many of which is nothing more than a short stay of execution is likely no longer making sense, if it ever did. The US strategic oil reserves is as much if not more about managing and controlling the oil price as it is defense.