New strategic reserve powers secure fuel shipments from Brunei, South Korea
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More news: The first two shipments of diesel, secured under the federal government’s new strategic reserve powers, will be delivered from Brunei and South Korea.
About 100 million litres of additional diesel or more than 570,000 barrels have been acquired. Export Finance Australia partnered with Viva Energy to secure these pruchases and has also signed commercial agreements with Ampol, Park Fuels and IOR.
What they said: “This agreement strengthens Australia’s fuel security by ensuring additional cargoes are delivered to the domestic market when and where they are needed most,” Prime Minister Anthony Albanese said.
“We’re taking every practical measure required to shield our nation and household budgets from the worst of this global uncertainty.”
Jim Chalmers urges ‘lasting’ deal to end Iran war during US trip
The news: Treasurer Jim Chalmers has joined 10 other finance ministers in calling for a lasting ceasefire in the Middle East, warning the US-Iran war has hit living standards “in particular for the poorest and most vulnerable”.
The context: During a trip to the US amid the economic fallout from the war, Chalmers committed to ensuring Australia’s response would be “fiscally responsible and targeted at those who most need support”.
In a statement signed by finance ministers from 10 other countries, including the UK and Japan, Chalmers urged a return to “free and safe transit” through the Strait of Hormuz, which Iran has closed to US allies since the war began.
“We call for a swift and lasting negotiated resolution to the conflict … that mitigates impacts on growth, energy prices and living standards, in particular for the poorest and most vulnerable,” the statement said.
All 11 signatories, barring Ireland, are formal military allies of the US.
The group also reaffirmed its support for international organisations, which have come under increasing pressure during US President Donald Trump’s second term.
“We call on the IMF and World Bank to provide a coordinated emergency support offer for countries in need, tailored to country circumstances and drawing on the full range and flexibility of their toolkits,” the statement said.
They welcomed a ceasefire announced earlier this month, though whether the agreement has ever been enforced is an open question.
The Trump administration has been forced into further negotiations after the deal collapsed, with Trump announcing a naval blockade of the strait within hours, through which a fifth of the world’s oil had previously flowed.
That came after Israel responded to the news of the ceasefire by immediately launching a major assault on Lebanon, killing more than 300 people in the country, in what UN experts described as an “indiscriminate bombing campaign”.
Israel insisted Lebanon was not part of the ceasefire, a claim rejected by Iran and Pakistan, which brokered the deal. Iran has insisted no ceasefire can be enforced without ceasing its assault on southern Lebanon, which its militant proxy Hezbollah controls.
What they said: “The past weeks have brought unacceptable loss of life and significant disruption to the global economy and financial markets, and the ceasefire will be crucial to protecting civilian populations and the security of the region,” the statement read.
The sources: Jim Chalmers joint statement, United Nations
