Judging by the debates recorded at OpenAustralia.org, they seem pretty clueless.

A search of the Hansard for the term "peak oil" brings up only four mentions in the last few years.

Lindsay Tanner (ALP, Melbourne) who in 2006 mentioned what he called "Huppert's peak", and said,

One way or the other, [peak oil] is going to happen. If we do not gradually reduce our dependence on oil, then when it does happen the implications for Australia and other countries in similar circumstances will be immense.

At that time you will see the interaction of the forces of supply and demand producing very dramatic increases in price. What we have recently experienced in Australia with petrol prices will look pretty trivial compared with the kind of price increases that we may see when we are dealing with a genuinely global market and an increasingly scarce resource attached to ever-mounting demand. It makes sense that a nation like Australia should do everything it can to plan and prepare for that prospect, to diminish our reliance on oil, to develop alternative fuels and to ensure that we are as well placed as possible to ride out any disruption that those changes may bring. Even [if] it is 20 or 30 years away, we still need to be preparing for these things.

Mark Coulton (National Party, Parkes) in March 2008 talked about how he wanted more roads in his electorate, and spoke in favour of rail, but seems to think natural gas and ethanol can fill the gap (apart from a brief mention of solar), saying

With the world approaching peak oil—if we have not already reached that point—and the soaring cost of petroleum, we need to spend money now on energy and alternative energy infrastructure. In my electorate there are some exciting possibilities. There is an indication that the gas fields in the Pilliga forest, west of Narrabri, will be a large resource [...]

Another reason is to do with alternative fuels and the possibilities they bring, particularly ethanol: a reliable source of energy such as natural gas is vital to make the production of ethanol a viable alternative. As we run short of petroleum, we really are going to need to look at that issue.

Another source is solar energy.

Kelvin Thompson, (ALP, Wills) in May 2008 mentioned peak oil, saying,

Few people in the House will be unaware of the theory of peak oil—that there is simply not enough undiscovered oil on the planet to keep up with ever-increasing global demand and that we are therefore destined to suffer from reducing supplies and skyrocketing prices.

but went on simply to bash the Liberal-National coalition, implying that "market manipulation" was the only reason for price volatility, and the Iraq war the only reason for the general crude oil price rise (leaving unexplained the price rise before March 2003) and whinging that the coalition weren't praising the ALP enough on FuelWatch.

Anthony Zappia (ALP, Makin) in June 2008 said,

The simple reality is that world demand for fuel is driving up fuel prices and will continue to do so. At the same time it is well known that the use of fossil fuels have, for a long time, been a major cause of greenhouse gas pollution. Had Australia begun addressing petrol as an environmental issue a decade ago, we might have been better prepared and less dependent on petrol today and therefore not so much impacted by rising petrol prices. It is not only the price of petrol that needs to come down; it is as much our reliance on it. Oil is a finite resource and many experts believe we have reached our peak oil supplies—another warning that the Howard government seemed oblivious to.

It is imperative that Australia invest more in public transport systems. Increased use of public transport will reduce household reliance on motor vehicles, thereby reducing living costs and environmental damage.

and Zappia went on to quote a letter published in the Adelaide Adevertiser talking about peak oil at some length (for the Advertiser), and then drifted into the usual rubbishing of the other side.

In these four MPs' little rambles we can see a degree of progression: from awareness of the existence of the problem to offering solutions, however it's still not really an issue foremost in their minds - they're too concerned with day-to-day things like a couple of cents here or there on the price. Also, I think the current government, being in only seven months after more than a decade in Opposition, is still stuck in the Opposition mindset - just bashing the other guys and offering no real policies of their own.

Originally I was going to do a similar post on the search for "climate change" comments from MPs, but the results of that one, combined with finding that my local member's sole contribution to Parliamentary debate in 2008 thus far has been three interjections, has depressed me. So someone else will have to do the research.