Labor to use new fuel security powers to underwrite extra shipments to Australia

PM did not rule out later fuel rationing or work-from-home measures but said he strongly preferred ‘voluntary arrangements’ Get our breaking news email, free app or daily news podcast The Australian government will take on the financial risk of additional imports of essential products affected by the war in the Middle East, to get extra supplies of petrol, diesel and fertiliser into the country. The prime minister, Anthony Albanese, announced the new fuel security powers on Saturday after a month of soaring diesel and petrol prices and widespread shortages at service stations, particularly in regional Australia. Labor will introduce amendments to Australia’s export finance laws on Monday that will allow the government to use public funds to underwrite the purchase of additional shiploads of fuel, fertiliser and “other essentials”. “This support from the government will not be business as usual,” Albanese told a press conference in Sydney. “It has to be additional supplies that are available on the international market.” The new measures aim to give private importers the confidence to secure extra supply by mitigating the financial risk. The powers will only be used “to help acquire