EDITORIAL: Anthony Albanese must step up and lead as fuel crisis hits
The nation needs to hear very clearly where we stand as oil and diesel anxieties worsen. Our leaders must step up.
Some people rise to meet a crisis. Others are found wanting.
Minister for Energy Chris Bowen’s handling of the fuel crisis falls into the second category.
Iranian retaliation to United States and Israeli strikes has all but closed down oil supplies through the Strait of Hormuz, a narrow channel along the coast of Iran, cutting off about 20 per cent of the world’s oil and liquified natural gas supply.
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Farmers, truckies and tradies, in particular, are in a world of pain, and the crisis is also flowing through to businesses hit by higher supplier costs.
The price hikes are on top of the resurgence of the inflation dragon, which had already roared back into life before the war broke out.
Before the worst energy crisis in modern history the consumer price index eased to 3.7 per cent from an annual pace of 3.8 per cent in February, according to Bureau of Statistics data published on Wednesday.
With inflation above the Reserve Bank of Australia’s 2-3 per cent target, a May interest rate hike is considered likely.
As Westpac Bank on Wednesday predicted inflation would hit 5.5 per cent by the middle of the year, Treasurer Jim Chalmers said inflation was “still too high and the war will make it worse”.
The Albanese Government’s rhetoric has swung between claiming fuel supplies are sufficient and acknowledging there is a crisis.
It has responded by releasing oil supplies from the emergency stockpile, temporarily lowered fuel and diesel standard requirements to allow more supply into the market and appointed a national fuel co-ordinator.
But try convincing Australians pulling up to their servo to find the “empty” signs on the bowsers that the situation is under control.
On Thursday 608 service stations across Australia were now without diesel or unleaded.
Conspicuous by his low profile has been Prime Minister Anthony Albanese, who is expected to hold a meeting of National Cabinet next week.
The overall impression has been of States going their own way with their own ideas, rather than a nationally coordinated and led response.
NSW Premier Chris Minns has said fuel supply must be coordinated at a national level.
Victorian Premier Jacinta Allan has argued for a national approach to further measures including fuel rationing.
For his part, Mr Albanese last week declared that States were responsible for fuel distribution.
We are now nearly four weeks into the war. The Albanese Government’s response to the oil crisis has been piecemeal and haphazard.
The options under consideration should be laid out quite clearly.
The nation needs to hear where we stand, what is being done to meet oil and diesel shortfalls, secure further supplies and get them to where they are needed.
Australians need to be reassured by their Prime Minister. Mr Albanese needs to stand up and lead.
