Australian government to pay for private sector fuel shipments amid global supply shocks
Prime Minister Anthony Albanese has revealed Bunnings is sold out of jerry cans, as fuel hoarding grows and the federal government commits to paying for shipments to lock in deliveries.
Bunnings has run out of jerry cans and Anthony Albanese has labelled fuel hoarders un-Australian, as the government announces it will underwrite the private sector to guarantee fuel shipments into Australia.
Speaking in Sydney on Saturday, the Prime Minister revealed new legislation would be introduced on Monday to allow the underwriting.
Images circulating widely online this week showing people filling up multiple Jerry cans of fuel, and Mr Albanese branded these suspected hoarders as un-Australian.
“That’s not the Australian way. People need to take what they need, and no more,” Mr Albanese said.
“I was with the head of Bunnings just last week, and had a discussion with him; they’ve run out of Jerry cans.
“That’s not sensible. People need to act responsibly at this time.”
Anthony Albanese MP and Energy Minister Chris Bowen announced the underwriting proposal in Sydney on Saturday. Picture: NewsWire / Martin Ollman
The federal government will introduce amendments to the Export Finance and Insurance Corporation Act, to formalise the commonwealth’s ability to underwrite additional cargoes and strategic reserves.
“The deal making expertise of Export Finance Australia will allow them to enter contracts of insurance or indemnity, give guarantees, make loans, or enter arrangements needed to help secure fuel supply from international markets,” information from the Prime Minister’s office says.
“The Fuel Security powers help to address (price rises and shortages) by giving suppliers confidence to secure additional and discretionary cargoes – which will be used to service uncontracted demand, including regional and independent fuel suppliers,” the additional information says.
More to come
