Fuel crisis Australia: Anthony Albanese says hoarding fuel ‘not the Australian way’

Prime Minister Anthony Albanese has asked Australians to “act responsibly” and not hoard fuel, saying it “wasn’t the Australian way” as he announced new measures to secure more fuel for the country.

Speaking in Sydney, Mr Albanese said he would introduce new powers into the Federal Parliament which would see the government underwrite the cost of private companies securing additional fuel on the international market.

The Government will introduce amendments to the Export Finance and Insurance Corporation Act, formalising the Commonwealth’s ability to underwrite additional cargoes and other reserves as needed.

Export Finance Australia would be allowed to enter into contracts of insurance or indemnity, give guarantees, make loans or enter arrangements with private companies who sough to secure fuel from international markets.

But the Prime Minister has baulked at pressure to cut the fuel excise tax.

“Australia will establish new powers to get fuel here for Australians,” Mr Albanese said.

“New fuel security powers will enable the government to underwrite the purchase of fuel by the private sector.

“Put simply, we will use Export Finance Australia to underwrite the purchase of ship loads of fuel that will add to supply here in Australia.

“Importantly, it will also allow for the purchase of fertiliser and other essentials as well.”

Australia has a 39-day supply of petrol, 30 days of diesel and 30 days of jet fuel.

Even so, the Prime Minister said he was gobsmacked by reports that people were panic buying and purchasing far more fuel than they need.

“That’s not the Australian way,” he said.

“People need to take what they need and no more. We need to learn from the lessons of COVID.

“I don’t want things to be mandated. Commonsense should apply.”

Mr Albanese dismissed suggestions the Government would mandate COVID-like measures - which included working from home.

And he dismissed the idea of fuel rationing at the bowser.

“The best way for us to oeprate is to work c-operatively, to seek to have voluntary arrangements rather than any mandating from the top.”

Mr Albanese said common sense needed to prevail during a fuel crisis which is seeing prices at the bowser go through the roof, and some fuel stations run out of petrol and diesel.

“We are encouraging common sense when it comes to this, as well as encouraging - whether it be businesses or individuals - to take what (fuel) you need,” Mr Albanese said.

“This isn’t toilet paper that’s been piled up in some garages.

“It’s actually fuel.”

“It (hoarding fuel) is not doing the right thing by your fellow Australians.

“But importantly as well, it can be dangerous.”

Mr Albanese has recalled National Cabinet for Monday.

But he emphasised he wanted a unified approach to tackling the fuel crisis.

“We don’t want eight different systems going in eight different directions,” Mr Albanese said.

“That’s one of the issues that came about from an assessment of COVID.

“I understand state and territory governments, as well as the federal government, were responding in difficult circumstances.

“But when you look back, did it make sense to have different rules on the Tweed from the Gold Coast or either side of the Murray?

“No. So how do we make that we act together?

“That is why I am bringing National Cabinet together together for a second time.”