PM launches interest-free loans for critical industries hurt by Iran crisis
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More news: Albanese will also warn that Australia cannot return to an economic model “built for a more predictable world”, as he unveils interest-free loans for businesses groaning under the weight of the Middle East crisis.
In an address to the National Press Club to be delivered on Wednesday, Albanese will urge economic sovereignty as the Middle East War lays bare Australia’s vulnerabilities to international shocks.
The Middle East War has sent fuel prices skyrocketing, prompting petrol shortages in regional areas and fears of imminent rationing.
As an increasingly erratic Washington and Beijing undermine global norms, the prime minister will warn that there is “no security in maintaining a status quo that doesn’t work for people”.
“Providing this stability and security amid uncertainty does not mean standing still while the world changes around us,” Albanese will say.
“Economic reform that drives growth, boosts productivity, tackles inflation and lifts living standards is always necessary.
“And in times of uncertainty such as this, it is urgent. We all know the mindset that left Australia exposed to this global shock.”
Albanese will also unveil a package of interest-free loans to assist critical businesses, to be funded under the $1 billion Economic Resilience Program.
“[It] will mean that truckies, freight companies and fuel and fertiliser producers will be better supported to continue their critical work,” he will say.
“These firms are not just being affected by this crisis, they are essential to Australia getting through this crisis.”
The address will be delivered a month before Treasurer Jim Chalmers hands down the budget, which Albanese will describe as his government’s “most important to date”.
In a thinly-veiled barb at the former Coalition government, he will criticise policies that made TAFE education harder to access and dared “manufacturing and industry to go offshore”.
And as the crossbench pushes for increased taxes on Australian gas exports, the prime minister will also take aim at policies which put “multinational firms ahead of Australian gas users”.
‘Think of others’: PM urges Australians to use public transport in nationwide address
The news: Prime Minister Anthony Albanese has attempted to alleviate panic over rising fuel prices in a nationwide address warning “the months ahead may not be easy”.
The context: In a speech broadcast simultaneously across all national television and radio stations, Albanese urged Australians to use public transport where possible to save fuel reserves for miners, farmers and shift workers “who need diesel every single day”.
The US-Israeli attack on Iran has prompted Tehran to shut the Strait of Hormuz, sending oil prices skyrocketing and prompting fuel shortages in regional areas.
Albanese said, while Australia was not a participant in the conflict, its citizens were “all paying higher prices because of it”.
In his three-minute address, the prime minister said there were “simple ways” for Australians to reduce the impact on their countrymen most exposed to the shock.
“You should go about your business and your life, as normal. Enjoy your Easter,” he said.
“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.”
Outlining measures taken to alleviate the crisis, including a temporary halving of the fuel excise, Albanese pledged to do “everything we can” to alleviate the economic impact as the war develops.
“No government can promise to eliminate the pressures that this war is causing,” he said.
“The months ahead may not be easy. I want to be upfront about that.”
Nationwide prime ministerial addresses are a rarity, previously reserved for events like the Covid pandemic, Australia’s involvement in the Iraq War and Bali terror attacks.
UK Prime Minister Keir Starmer will also deliver a national address at 8pm (AEDT), before US President Donald Trump makes an announcement related to the war at midday on Thursday (AEDT).
Albanese’s address was delivered hours after WA Premier Roger Cook announced he will declare a state of emergency, forcing fuel companies to divert supplies where they are needed. The measure will come into effect on Thursday.
What they said: “These are uncertain times, but I am absolutely certain of this: we will deal with these global challenges, the Australian way,” Albanese said.
“Working together and looking after each other.”
The sources: Prime Minister Anthony Albanese nationwide address, Prime Minister Anthony Albanese National Press Club speech, Australian Financial Review, The West Australian
