Australia might have emerged as one of the strongest economies after the recession but the economy faces a few problems as well. The country's excess reliance on the imports of oil is causing problems for the country.

According to a new report, the oil reserves of Australia have reduced tremendously and the country's reliance on import of transport fuels has increased.

Resources Minister Martin Ferguson released the report of the Australian Energy Resource Assessment (AERA). The report clearly indicates that while Australia has oil reserves but it also clearly underlines the importance of imports in the Australian economy. The import needs is slated to increase if there is no alternative crude oil exploration found.

For some time, the Australian economy will be able to put a cap on the imports as they have a decent of gas energy resources. APPEA chief executive Belinda Robinson said in general the report painted a bright picture for the future of the energy industry, citing over $200 million in projects on the drawing board.