IN BRIEF
- The prime minister will deliver an emergency address on Wednesday evening.
- It is expected to outline the government's response, concerns over fuel shortages and how Australians can help.
Prime Minister Anthony Albanese will address the nation about the ongoing war in the Middle East.
The Wednesday night pre-recorded address will outline the government's response to the conflict as the economic fallout of the blocking of the Strait of Hormuz intensifies.
There are growing concerns over a recession and the impact of fuel shortages, including rationing measures, despite reassurances that Australia's fuel stocks remain at normal levels.
Ongoing airstrikes in the region have spurred public panic with Australian motorists bulk-buying petrol and diesel, leading to localised shortfalls.
SBS News understands that Albanese will encourage Australians to play their part by saving fuel for critical industries.
It comes a day after he unveiled a four-phase plan, stressing that the country was only in phase two, which includes monitoring global factors and ensuring fuel is directed to critical industries.
The government also announced a three-month fuel excise cut of 26.3 cents per litre, which came into effect on Wednesday. However, motorists might not see cheaper fuel until service stations sell fuel they had already bought at the higher price.
It is part of a suite of government measures, including releasing 20 per cent of fuel reserves, taking on the financial risk of importing additional fuel, changing petrol and diesel standards and creating a new fuel taskforce.
The next phase, which Albanese said "we hope to avoid", includes targeted action to deal with severe interruptions, including potential public measures to address demand.
Treasurer Jim Chalmers reiterated that the government continues its work to avoid "heavier-handed interventions" and is working through several scenarios to withstand the "significant economic shock".
"We go to great lengths to make sure that people understand that we are doing our best to avoid COVID-style interventions," he told reporters in Canberra on Wednesday.
The final phase is to protect critical services, ensuring "the economy remains open and operating".
Despite the plan, the government faces ongoing criticism from the Opposition for what it says is a lack of transparency around how it's responding to the challenges.
Opposition leader Angus Taylor said on Wednesday: "What we need from the government is absolute clarity about the plan from here, how we make sure that we have the affordable supplies, reliable supplies, that we need across our communities, across the country."
You can watch Prime Minister Anthony Albanese's address to the nation on SBS World News at 7pm AEDT.
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