Prime Minister Anthony Albanese has announced the government will take new powers to underwrite private fuel imports, aiming to shore up Australia's fuel supply amid global instability caused by the US-led war on Iran. Joined by Energy Minister Chris Bowen in Sydney on Saturday, Albanese said the government would use Export Finance Australia to underwrite 'shiploads of fuel' to add to domestic supply.
'This support from the government will not be business as usual. It has to be additional supplies that are available on the international market,' Albanese said. The new powers, requiring amendments to the Export Finance and Insurance Corporation Act, will allow underwriting of shipments that might otherwise be prohibitively expensive when needed for national security. The legislation is set to be introduced on Monday.
Bowen provided current fuel stock figures: 39 days of petrol (1.6 billion litres), 30 days of diesel (2.7 billion litres), and 30 days of jet fuel (828 million litres). He said every expected arrival has arrived and the international supply chain remains secure. Albanese stressed that while the near-term outlook is secure, the longer the war continues, the greater the impacts will be, and the government aims to be 'over-prepared'.
The National Road Transport Association had called for emergency financial support, a six-month moratorium on heavy vehicle loan repayments, and suspension of the road user charge. Chief executive Warren Clark said the government's response has fallen short, and operators need decisive intervention. The Coalition has urged halving the fuel excise, but Clark argued that alone is insufficient.
