Penny Wong (SA, Australian Labor Party, Minister for Foreign Affairs) Share this | Hansard source

The senator does raise an important issue, which is that one of the consequences or risks associated with this is the conflict in the Middle East, which has implications not only because of the transit of oil through the Strait of Hormuz but also because of the impact on economic and financial markets, global markets for fuel, which react not only to that risk but also to the Iranian targeting of hydrocarbon infrastructure in the region. You're right, that is a challenge. The government is very aware of that. We are very aware that these developments have added to the uncertainty in the global economy.

I'd make a few points: we have established an Australian domestic fuel reserve, we are finalising a gas reservation, we are closely monitoring developments in the Middle East, including fuel impacts, and we've secured more affordable gas for Australians.