Tim Ayres (NSW, Australian Labor Party, Minister for Industry and Innovation) Share this | Hansard source

As I indicated in my answers to questions earlier, and as Senator Wong indicated in her answers to questions on very much the same subject, this conflict in the Middle East, and the effective closure of the Strait of Hormuz, is creating a global shock in energy markets around the world. Australia is more prepared and more resilient because of the actions this government has taken, and we continue to act in those areas. We have taken every practical action. We want to make sure that we are prepared for every eventuality. We are aware of the impact that this is having and that the extension of this conflict, if it continues to extend, is having and is likely to have on the Australian economy.