Australia's PM Meets on Fuel Crisis

0:00From the Daily News Now Network, this is Sydney News Today. Australia's Prime Minister is set to meet with state and territory leaders tomorrow to tackle growing concerns over the nation's fuel supply. Global disruptions from the war in the Middle East are hitting supply chains hard, driving up petrol prices and adding to inflation pressures here at home. The government insists the current price jumps dim more from strong demand and outright shortages. Prime Minister Anthony Albinese stressed in a recent speech that more steps are coming soon to protect households, businesses, and the economy from these shocks without waiting for the May budget. Opposition figures have slammed labor for moving too slowly on the crisis, especially with threats like a potential blockade in the Strait of Hormuz. Shadow Minister Andrew Hastie pointed to history's lessons on building self-sufficient oil refining and infrastructure during geopolitical ruptures. Meanwhile, Transport Minister Catherine King held a round table with industry stakeholders this week, right after the competition watched all questioned.

1:05Fuel suppliers about the recent price surges. Treasurer Jim Chalmers noted the conflict's length will decide how bad things get domestically. The government plans to push new laws next week, doubling penalties for misleading conduct or cartels by fuel companies up to $100 million per offense. Officials warned even a short war could leave a long economic hangover. This episode is supported by our sponsor. No earbuds, no headbands, no awkward sleeping positions, just a pillow that plays your sound. S-O-L-I-SoliPillow.com Made in AI