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TRANSCRIPT:
- New powers on fuel security in Australia announced
- UN sets up task-force to safeguard aid and food supplies amid Strait of Hormuz disruption
- Oscar Piastri encouraged by strong practice as he eyes Japan reset
Prime Minister Anthony Albanese says the federal government will underwrite the purchase of additional fuel supply.
He says legislation will be introduced from Monday to facilitate this support for suppliers.
An emergency national cabinet meeting will be held on Monday to coordinate further responses to the fuel crisis.
Mr Albanese says the federal government is being proactive about ensuring the security of Australia's fuel supply.
"This is about risk mitigation for them (suppliers) to add to supply here. It will give suppliers the confidence to secure additional and discretionary cargoes. While Australia's fuel supply outlook remains secure in the near term, because of the actions that the government, let's be clear that the longer that this war goes on, the more the impacts will be. So what we want to do is to be over-prepared."
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Energy Minister Chris Bowen says the federal government has more than replaced the six ships of fuel due in April that had cancelled, with new orders locked in.
Mr Bowen says the international supply chain of fuel for Australia remains secure.
"And while the six cancellations have been more than replaced with new orders, the fact of the matter is that cargo internationally is available, but is getting increasingly expensive; and increasingly risky in a volatile environment. As the prime minister said, oil prices moving up and down. So companies who do want to order more cargoes in the national interest are also facing very difficult decisions. It is in the national interest that that cargo comes to Australia - not other countries. So we want to help companies make the decision to buy those cargoes."
Australia has 39 days of petrol, 30 days of diesel, and 30 days also for jet fuel.
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The United Nations is warning that disruptions in the maritime trade through the Strait of Hormuz risks creating a ripple effect impacting humanitarian needs and agricultural production in the coming months.
The UN says a task force is being created to develop and propose technical mechanisms specifically designed to meet humanitarian needs.
Spokesperson Stephan Dujarric says the task-force will be focusing in particular on fertiliser trade and the movements of raw materials.
"The mechanisms operationalisation will be done in close consultation with relevant member states with full respect for national sovereignty and established international legal frameworks. If successful, it would also create a confidence among member states on their diplomatic approach to the conflict and constitute a valuable step towards a wider political settlement."
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Human rights workers have warned that Israel's military demolition of crossings through the Litani River will isolate tens of thousands of residents in south Lebanon from essential lifelines.
This week, Israel said it would seize southern Lebanon up to the Litani River to create a “buffer zone” against Lebanese armed group Hezbollah, which pulled Lebanon into the regional war by firing on Israel on March 2 in solidarity with Iran.
Lebanese authorities say more than 1,100 people have been killed so far; and more than one million others have been displaced, including some 136,000 staying in collective shelters.
At a shelter in a school in Beirut, pregnant woman Sarah Shahla says she is worried about the future.
"Everything is different. I mean, during these days I had imagined that you'd be sitting at home getting ready for the baby, preparing everything that a baby needs, that you'd be psychologically at ease, so that you can bring a baby into the world feeling at ease too. But now everything is different. Now you're just sitting there waiting for relief, as they say?"
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In Formula One, Oscar Piastri says he is encouraged by his practice times ahead of the Japanese Grand Prix.
He ended Free Practice 2 at the top of the time-sheets in Japan.
The Australian driver failed to start the first two Grand Prix races of the year - in his home town of Melbourne and then Shanghai.
Piastri says he is looking to reset with the Grand Prix in Japan.
"We'll try and at least see the lights come on this week and go from there. Yeah, I think we kind of know where we sit in the order. So we're not expecting too many surprises there. But yeah, just executing a solid weekend would be good."
It will be five weeks until the next race, which has been scheduled for May 3 in Miami. Organisers cancelled the events in Bahrain and Saudi Arabia called off because of the war in Iran.
