7 News
·general
·2 hours ago
Australia launches $14.8 billion fuel security package amid Middle East tensions
Australia's government announced a $14.8 billion fuel security package in its 2026 budget Tuesday, citing Middle East conflict as a major oil shock. The plan includes a $7.5 billion facility to secure international supplies and a $3.2 billion domestic fuel reserve. Treasurer Jim Chalmers said the measures aim to shield Australians from rising petrol prices while building long-term energy sovereignty.
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