TEMPO.CO, Jakarta - Australian Prime Minister Anthony Albanese on Thursday, April 2, announced that Australia will provide A$1 billion (US$693 million) in interest-free loans to fuel producers, fertilizer makers, and other critical supply chain businesses hit by soaring fuel prices.
The measure comes as Australia’s states and territories agreed to deepen fuel tax relief, using part of their additional tax revenue from higher fuel prices to fund a further reduction in fuel costs.
In a speech at the National Press Club in Canberra, Albanese said the federal government would make the loans available to businesses most affected by the economic fallout from the war in the Middle East.
The package targets companies considered essential to keeping key supply chains running during the fuel crisis.
"Today I announce that under our Economic Resilience Program we will make available $1 billion in interest-free loans for manufacturing and fuel businesses dealing with the economic costs of this conflict. Truckies, freight companies – and fuel and fertiliser producers," Albanese said.
“These firms are not just being affected by this global crisis, they are essential to Australia getting through this crisis.”
Albanese said Australia must respond to the oil supply shock by moving quickly to strengthen economic sovereignty, energy security, and national resilience, including by maximizing domestic resources and expanding local manufacturing capacity.
Albanese said the crisis also presented an opportunity for Australia to strengthen its economic resilience. “We can choose what we build together, so we come out of this stronger, more self-reliant and more resilient,” he said.
Earlier on Thursday, leaders of Australia’s eight states and territories agreed to use their share of the windfall tax revenue from higher fuel prices to fund an additional 5.7 Australian cents per liter cut in fuel taxes.
That reduction comes on top of Albanese’s announcement on Monday, March 30, that the federal government would halve the fuel excise from 52.6 cents per liter on petrol and diesel for three months. Combined, the two measures will bring total fuel tax relief to 32 cents per liter.
The support package is part of Australia’s broader response to surging fuel costs and supply concerns linked to disruptions in global energy markets amid the Middle East conflict.
al oil and fuel shipments, and any prolonged disruption is likely to deepen economic pressure worldwide.
Read: Purbaya to Add Rp100 Trillion to Indonesia's Energy Subsidies
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