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

As you said, Iran's weaponisation of the Strait is causing an unprecedented shock to global oil and gas supply. I've spoken about this for some time. It is obviously impacting energy markets and fuel prices worldwide, and this is pushing up fuel prices in our economy for consumers and businesses. The difficult fact is that, as the conflict goes on and the longer it goes on, the worse the impact will be for Australian and for the world.

The global outlook remains unpredictable and volatile, and it is the responsibility of all governments across Australia to plan for every scenario. That is why today National Cabinet agreed to the National Fuel Security Plan to coordinate a consistent response across the Commonwealth, states and territories, working together through these challenges, step by step, with a comprehensive and staged approach. We recognise the importance of fuel, not only to our economy but to the Australian way of life, and we are committed to keeping Australia open and keeping the economy going. The National Fuel Security Plan will keep the community and businesses updated. It will provide early understanding of fuel security and provide early understanding of fuel security measures that may be required.

Early voluntary action, coupled with new supply measures, can reduce the need for stronger measures in the future. We encourage Australians to use only the fuel you need and to make voluntary choices to use less and avoid the impact of higher fuel prices. I note that some states have taken action to reduce public transport fares as well. Obviously the less fuel that is used in Australia's cities the more that can be directed to regional areas which are under pressure. Every Australian can play our part in making sure fuel gets to those who need it most.