From the Executive Summary:

The [Queensland Oil Vulnerability] Taskforce concludes that the overwhelming evidence is that world oil production will peak within the next 10 years. It is noted that Australian oil production (but not necessarily, natural gas) has already peaked, as has that of the rest of the world, excluding the former Soviet Union and some Middle East OPEC members.
...
Accordingly, the Taskforce recommends that a prudent risk mitigation approach requires a mix of initiatives such as reduction in consumption of liquid fossil fuels, encouraging the development and
use of alternative fuels, technologies and strategies, and preparation for demographic and regional changes, as Queenslanders change travel, work and living habits in response to rising fuel prices.
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The Taskforce recommends that a high level, whole of Government committee be established to develop a Queensland Oil Vulnerability Mitigation Strategy and Action Plan.

Read the full report.