Cant compete against the super refineries on a cost per Litre kind of figure.
There is also the stricter sulphur limits coming in over the next few years and to get some place like Altona up to spec the cost probably doesnt weigh up to the accountants.
What many dont realise is there are many byproducts from refining that people use daily. A main one is plastics related.
For example banknote plastic is a byproduct.
As for manufacturing or self reliance issues, there are still places out there running, although in different ways, that can be restarted as such should they be needed. Would be nicer to be more inhouse all the time.
And then going back in history
...back many years ago there was a bottlecap factory, from memory next to Scienceworks in Melb. It got converted to bullet shells.