Sydney: Australian Prime Minister Anthony Albanese on Wednesday warned that the Middle East war’s economic fallout would drag on for months, imploring residents to ease fuel strain by choosing public transport.
In a rare national address delivered on major television and radio outlets, the speech mirrored rare wartime-style broadcasts by predecessors amid the Covid-19 crisis and 2008 financial meltdown.
With Australia relying on imports for about 90 per cent of its fuel, the nation grapples with record petrol price jumps and spot shortages triggered by the US-Israeli war against Iran and the Strait of Hormuz blockade.
“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 said, as reported by Asia One.
To mitigate supply pressures, especially with Easter holidays kicking off this week, Albanese urged avoiding panic-buying and shifting to alternatives.
“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.
“And over coming weeks, if you can switch to catching the train or bus or tram to work, do so.”
Now in its second month, the war has claimed thousands of lives region-wide, crippled energy flows, and cast a shadow over global markets.
While acknowledging challenges ahead, Albanese assured: the coming months “may not be easy” but said the government would exhaust all options to aid citizens.
The administration recently slashed petrol and diesel excise by half and waived the heavy-road-user charge for three months, footing a A$2.55 billion (S$2.27 billion) bill to counter war-fueled inflation.
Fuel reserves sit at a 15-year high but fall short of the International Energy Agency’s 90-day ideal.
Treasurer Jim Chalmers, speaking to reporters on Wednesday, outlined relief for small businesses, including streamlined 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 said.
