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Starting Monday, the government will introduce new measures allowing the use of public funds to back the private sector’s fuel purchases. These measures aim to ensure a steady supply of fuel essential for the country’s operations.
In addition to fuel, the initiative will extend to the procurement of fertilizers and other vital goods. The Prime Minister emphasized the importance of these actions, stating, “I want us to have the strongest possible plants, so we’re ready for what may come. I want to keep our people, our economy, and our nation moving.”
He elaborated on the plan, explaining, “We will utilize Export Finance Australia to underwrite the acquisition of shiploads of fuel, enhancing our supply here in Australia.”
The Prime Minister made it clear that this governmental support will deviate from conventional approaches, signaling a proactive stance in supporting the nation’s infrastructure and readiness for any challenges ahead.
“This support from the government will not be business as usual.
“It has to be additional supplies that are available on the international market, and it literally will be underwriting the purchase of shiploads of fuel to get here to Australia.”
The prime minister said the measures are being enacted to keep Australia prepared and ensure fuel “gets to the right places”.
“People need to take what they need and no more,” he said.
“I don’t want things to be mandated, common sense should apply as well.”
“This isn’t toilet paper that’s been piled up in some garages. It’s actually fuel.
“That’s not sensible on a range of levels. One, it’s not doing the right thing by your fellow Australians. But importantly, as well, it can be dangerous.”
“[Demand] remains exceedingly high, and this supply is still not enough, but we are increasing supply and working in a very complicated supply chain to get the fuel to where it needs to go.”
“The fact of the matter is, cargo internationally available, but is getting increasingly expensive and increasingly risky in a volatile environment.”
Bowen said Australia currently has 1.6 billion litres of petrol, which roughly equates to nine days’ worth, which is up “very slightly”.
He also said the nation has 2.7 billion litres of diesel, which is approximately one month’s worth, and is “pretty flat”.
“What that tells me is that while the fuel is flowing strongly out the door, especially to regional Australia.”
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