00:01I can assure people that we have enough fuel in total and where there are issues in particular
00:09regional areas or different pockets of Australia, we work closely with the industry and the
00:14ACCC to try and ensure supply to those areas.
00:19We've seen some good developments on international markets, the International Energy Agency releasing
00:24or coordinating the release of millions of barrels of fuel, and that's a good development
00:30as well.
00:31Yesterday, we made a number of announcements about doubling the penalties for petrol retailers
00:37who do the wrong thing, more surveillance on these price spikes, and also making sure
00:44that the ACCC and the industry can coordinate their efforts where there are these supply
00:49chain issues.
00:49And so we're taking a number of important steps, which recognises that people are concerned
00:54about this, primarily about the impact on petrol prices at the bowser.
01:00We know that there's broader concern as well, obviously we share that concern about developments
01:04in the Middle East flowing through to our own economy.
01:07We won't be immune from these developments, but we are incredibly well placed as a country
01:11and as an economy to deal with the worst the world can throw at us.
01:16We acknowledge that we had an inflation challenge before the dramatic escalation of hostilities
01:21in the Middle East, but that escalation, that conflict will put additional upward pressure
01:26on inflation.
01:27We've been very upfront about that.
01:29We're already seeing that in petrol prices and we'll see it in other parts of our economy
01:34as well, to be blunt about it.
01:37And so this conflict in the Middle East is already putting additional pressure on Australians.
01:44We understand that.
01:44That's why we're taking action in petrol markets.
01:47That's why we're cracking down on the petrol retailers.
01:50There are so many people have been in the middle of the century that we were working.
01:50We're going to be looking at the power supply of an energy source.
01:52We're out of the power supplyстр belangrijers.
01:52We're going to be looking at the power supply of an energy source.
01:52We're getting ready for that power supply, because it's like a power supply demand cost.
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