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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Details of a reported draft memorandum of understanding between the United States and Iran offer the clearest picture yet of how both sides plan to end months of conflict and move towards a longer-term settlement.
The U.S. and Iran say they have reached a deal to end their conflict, with an immediate ceasefire and reopening of the Strait of Hormuz after the lifting of the U.S. naval blockade. Talks will continue over the next 60 days to finalise the agreement
A senior U.S. official said on Monday that the memorandum of understanding linked the U.S.-Iran agreement had been signed by President Donald Trump, Vice President JD Vance and Iranian Parliament Speaker Mohammad Bagher Qalibaf.
U.S. President Donald Trump has said a peace agreement with Iran is scheduled to be signed on Sunday in a post on social media, despite Tehran's Foreign Ministry spokesperson Esmaeil Baghaei saying no deal would be approved this weekend.
Switzerland on Sunday rejected a referendum proposal to cap its population at 10 million, a projection showed, as voters prioritised economic stability and the country's ties with the European Union over immigration concerns.
A senior U.S. official said on Monday that the memorandum of understanding linked the U.S.-Iran agreement had been signed by President Donald Trump, Vice President JD Vance and Iranian Parliament Speaker Mohammad Bagher Qalibaf.
U.S. and Iranian officials said on Sunday they have agreed on a deal to end their war, halt the U.S. blockade of Iran and reopen the Strait of Hormuz, possibly leading to lower energy prices once oil shipments resume through the critical waterway.
Details of a reported draft memorandum of understanding between the United States and Iran offer the clearest picture yet of how both sides plan to end months of conflict and move towards a longer-term settlement.
The U.S. and Iran say they have reached a deal to end their conflict, with an immediate ceasefire and reopening of the Strait of Hormuz after the lifting of the U.S. naval blockade. Talks will continue over the next 60 days to finalise the agreement
A senior Iranian official told Reuters that a draft memorandum with the U.S. covers issues including Iran’s nuclear programme, reopening the Strait of Hormuz, and U.S. waivers on oil sanctions, with further negotiations expected within 60 days of an initial agreement.
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