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

As Senator Ciccone outlines, the conflict in the Middle East is having an impact on households, on businesses, on industries and on supply chains in our country. Iran is holding the Strait of Hormuz hostage, and we've seen major spikes in demand for fuel, which have pushed prices up. We know that there are shortages in some areas as supply chains work to catch up. That's why the government is taking action securing fuel supply for Australian industry and households, cracking down on price gouging and working to mitigate the impacts from global energy price spikes. We're focusing on stability and affordability for gas users and strengthening Australia's resilience in the face of future shocks. We've released up to 20 per cent of diesel and fuel reserves to help deal with regional shortages, and we are making sure that all fuel made here in Australia is used here and that Australian oil refineries have the certainty they need to make more fuel here. The ACCC will punish suppliers found to be ripping people off, and we have brought forward legislation to double penalties. And, as Senator Ayres referenced, the government has appointed a fuel supply taskforce coordinator, with the appointment of Ms Anthea Harris in that role—a well-respected public servant, and someone with great knowledge of the energy markets.

These actions that we are taking build on almost four years of the work of our government, of this government, to strengthen Australia's resilience, to strengthen our international relationships and to shore up Australian economic security at a time of great uncertainty.