Albanese Warns of Prolonged Economic Impact from Middle East Conflict
On the ABC's 7.30 program last night, Prime Minister Anthony Albanese announced plans to convene the national cabinet in the coming days to address the ongoing fuel crisis. He cautioned that the economic shocks resulting from the Middle East conflict would have a "long tail."
The prime minister emphasized that there are currently no plans to advance to the next phase of the national fuel strategy, which would involve government interventions to maintain supply. However, he expressed the intention to update state and territory leaders to ensure a unified national approach.
This upcoming meeting will mark the third national cabinet session since the United States and Israel commenced bombing Iran on 28 February, an event that has ignited a new regional conflict and triggered a global energy crisis.
Albanese reiterated his commitment to seeking a permanent resolution to the conflict and the restoration of normal shipping operations through the Strait of Hormuz.
"No country is immune from the impact of this conflict, even though it’s happening on the other side of the world, it’s having a massive impact on the global economy. It’s having a human impact on people in the region, and that’s why we want to see a resolution."
On Friday, Albanese participated in a virtual summit of world leaders, chaired by the United Kingdom and France, aimed at discussing plans to fully reopen the Strait of Hormuz. He indicated that another meeting is scheduled for later this week.
When questioned about the possibility of Australia deploying military assets to secure the shipping lane, the prime minister refrained from providing a definitive answer but affirmed that Australia would "play a constructive role" in negotiations, consistent with its usual approach in international affairs.
Ed Husic Advocates for 25% Gas Export Tax in Upcoming Budget
Labor MP Ed Husic proposed that the government impose a 25% tax on gas exports as part of the forthcoming budget. He criticized large energy companies for benefiting from what he described as an "obscenely sweet deal" for an extended period.
Speaking to the ABC, Husic stated:
"People think that a lot of these multinational gas companies have had an obscenely sweet deal for way too long and the country has been the poorer for it. And the idea that we would get a better deal on our gas is uniting people across the political spectrum. …
If it doesn’t happen in this budget, it’s not a lost opportunity, it’s a missed one."
He further elaborated on the issue’s relevance to everyday Australians:
"Average Australians are right when they say, we’ve got so much of this resource and yet we’re being told we’re running out. We’re not. We just export so much of it."
Penny Wong Calls for Negotiated Settlement and Fuel Supply Relief
Foreign Minister Penny Wong addressed the fuel crisis and the Middle East situation during an interview on . She affirmed Australia’s desire for a negotiated settlement to the ongoing war.
Speaking with host Andrew Clennell, Wong remarked:
"We’re calling for a de-escalation along with the rest of the world and along with the United States seeking a negotiated outcome. We want to see the strait open, we want to see oil flow and we want to see relief for Australians at the bowser."
When asked about former US President Donald Trump’s recent criticism of Australia for allegedly insufficient support to the US in the Middle East, Wong responded that there had been no request from the US for assistance in securing the Strait of Hormuz or imposing a blockade. However, she confirmed there had been a request for help in defending Gulf countries.
Live News Update
Good morning and welcome to our live news blog. I’m Martin Farrer with the top overnight stories. Nick Visser will take over shortly.
Prime Minister Anthony Albanese will reconvene the national cabinet in the coming days to discuss the fuel crisis, as reported on ABC’s 7.30 program last night. The government is exploring options to enhance domestic fuel refining capacity.
Additionally, Penny Wong has spoken about the fuel crisis and the Middle East conflict on , reiterating Australia’s preference for a negotiated resolution to the war.
