Australia Secures Fuel Supplies Amid Middle East Tensions

0:00It's March 28th. This is Sydney News today, AI-powered stories from your city. The Australian government is stepping in to secure fuel supplies amid tensions in the Middle East. Prime Minister Anthony Albinese announced plans to underwrite extra fuel shipments from overseas, using public money to cover the financial risks for importers. This aims to boost availability after shortages hit hundreds of service stations, especially in New South Wales and Queensland. Panic buying has been the main culprit behind these empty pumps. Not a lack of overall supply. Officials point out Australia has more than a month's worth of fuel reserves, including petrol and jet fuel. They're urging drivers to stick to normal habits and avoid stocking up, like its toilet paper all over again. Motorists are feeling the pinch at the bowser, with higher prices adding to the stress. The opposition, led by Angus Taylor, is pushing hard for the government to have the fuel excise tax, which would cut prices by 26 cents per, leader right away.

1:01To make this happen, labor will introduce new legislation to parliament on Monday. It amends laws for the export finance and insurance corporation to gain these fuel security powers. Experts like Tony Wood from the Gratin Institute call its smart insurance against rising global costs. While the government hasn't ruled out excise cuts, their main push right now is getting more fuel on the way to calm things down fast.