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In a significant move, the Prime Minister unveiled a $1 billion initiative designed to provide interest-free loans to truck drivers, freight companies, and producers of fuel and fertilizer. This support targets those hardest hit by the soaring costs of petrol and diesel.
The funding is sourced from the off-budget National Reconstruction Fund and is intended to serve as a “shock absorber” to alleviate some of the financial strain on these essential businesses.
Prime Minister Anthony Albanese emphasized the critical role these sectors play, stating, “These firms are not just impacted by this crisis; they are crucial to Australia’s ability to navigate it successfully.”
He continued, “Our government is committed to extending credit to assist them, along with the farmers and producers who depend on these supply chains, in withstanding the challenges ahead.”
Albanese acknowledged the broader global implications of the crisis, noting, “No government can promise to fully eliminate the pressures this global situation will bring.”
“No government can promise to eliminate the pressures this global crisis will impose.
“But we can be a buffer against the worst of it.”
PM defends lacklustre national address
Albanese had been widely expected to offer more details during yesterday’s national address, a televised message usually reserved for wart-time presidents or major announcements.
The PM defended his remarks and said it was a device to “talk directly to the nation” rather than deliver any specific news.
“I took the opportunity to talk directly to the nation, that is more important than ever, because of the nature of the noise that is out there… the conspiracy theories out there,” Albanese said.
He added that the spike in fuel demand had necessitated his call for calm.
Fuel excise savings to reach 32c per litre
The federal government has reached an agreement with the states and territories to negotiate an increased reduction of the fuel excise.
Combined with the extra cuts, the PM said drivers will now save a total of 32 cents per litre at the pump.
The change was signed into law by Treasurer Jim Chalmers today.
Albanese said he hoped this would immediately impact prices for Australian motorists.
“We want this added relief to start showing up at our petrol stations straight away,” he said.
A preview of May’s federal budget
The PM also offered a brief preview into next month’s federal budget.
The ever-present issue of the cost of living will remain at the top of the agenda, Albanese said.
He flagged it will be his government’s “most important” budget since he came into power in 2022.
“One priority remains helping people with the cost of living. And that is the balance that we will strike next month’s budget,” the PM said.
“It is our government’s most important budget to date and ambitious.
‘We will get through this’
There is a contingency plan in place if the war “deteriorates” our economy further, Albanese said.
He assured Australians that the nation will “get through this” but could not offer any timeline for when the war may end.
“We don’t know how long this will go for, we don’t know when it will end and therefore the consequences of this are connected with that,” Albanese said.
“We’ll come through this. And my job is to provide appropriate reassurance which is what we’re doing,” he said.
Albanese also tempered fears over any COVID-style mandates or lockdowns.
“This will not be like COVID,” he added.
“Partly because the nature of this global crisis is very different.
“But also because we have learned from that time – and we are deliberately taking a different approach.”
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