Australian Prime Minister Anthony Albanese warned the economic shocks of the war in the Middle East would be felt for months and encouraged citizens to take public transport in a rare address to the nation on Wednesday (1 April).
The address was broadcast simultaneously across major television and radio networks at 7 p.m. (0800 GMT). Similar addresses were made by previous prime ministers during the COVID-19 pandemic and the 2008 global financial crisis.
Australia, which imports about 90% of its fuel, has seen petrol prices surge and experienced localised shortages as a result of the U.S.-Israeli war on Iran and the blockade of the Strait of Hormuz.
"I understand that right now it’s hard to be positive," Albanese said. "The war in the Middle East has caused the biggest spike in petrol and diesel prices in history. Australia is not an active participant in this war. But all Australians are paying higher prices because of it."
"The economic shocks caused by this war will be with us for months," he added.
Albanese encouraged citizens to "do their bit" to ease pressure on fuel supplies, such as not stockpiling fuel ahead of the Easter holidays, which begin this week, and taking public transport.
"If you’re hitting the road, don’t take more fuel than you need- just fill up like you normally would. Think of others in your community, in the bush and in critical industries," he said.
The month-long conflict has spread across the Middle East, killing thousands, disrupting energy supplies and threatening to send the global economy into a tailspin.
Albanese said the coming months "may not be easy" but said the government would do everything it could to help Australians.
Earlier this week, the government announced it would halve the excise on petrol and diesel and remove the heavy-road-user charge for three months to help households cope with a surge in costs driven by the war, at a cost to the government of around A$2.55 billion ($1.75 billion).
Australia has its highest fuel stocks in 15 years, but they are still far below the International Energy Agency recommendation of 90 days.
Treasurer Jim Chalmers said on Wednesday small businesses affected by the war would be given easier access to credit.
"We know that the fallout is affecting everyone, but we believe that by working together, if everybody does their bit, we can get through this difficult period," Chalmers told reporters.
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President Donald Trump called Iran’s response to a US war proposal “totally unacceptable” after Tehran sent its reply through mediator Pakistan, according to IRNA. Qatar’s al-Thani also warned Iran against using the Strait of Hormuz as “a pressure tool”.
Efforts to end the U.S.-Iran war appeared to stall as the two sides exchanged fire in and around the Strait of Hormuz. A reported CIA assessment suggested Tehran could withstand a U.S. naval blockade for months despite mounting sanctions and renewed Gulf attacks.
The U.S. and Iran exchanged fire in and around the Strait of Hormuz, though both sides signalled they did not want escalation. The clashes come as Washington awaits Tehran’s response to a proposed deal to end the war while leaving key disputes, such as Iran’s nuclear programme, unresolved for now.
Tensions between the U.S. and Iran remain far from a genuine ceasefire, as military posturing, sanctions and uncertainty over diplomacy continue to fuel fears of a broader regional confrontation.
Iran confirmed on Friday its Armed Forces responded to, what Tehran is calling, the U.S. Navy’s violation of the ceasefire. It said Iranian ships and civilian areas were attacked near the Strait of Hormuz on Thursday evening.
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