JANE NORMAN, NATIONAL PRESS CLUB DIRECTOR: Prime Minister, thank you for your address today. It's very detailed and lots of questions will be coming from the journalists here today, but I wanted to start by asking about the crisis we're currently in and the wakeup call that I feel it's presented Australia. As you say, we're an island nation. We import the vast majority of our liquid fuels. We're at the end of a very long supply chain.

Today the states and territories agreed to work with the Albanese Government to forgo increased GST revenue on fuel transactions, locking in more relief for motorists.

This will provide another $400 million of fuel relief and will be delivered through additional 10.9 per cent cut to the fuel excise for three months, which is a further 5.7 cents per litre cut.

Combined with the halving of fuel excise already legislated by the Government, the total reduction in excise on petrol and diesel will be 32 cents per litre.

I begin by acknowledging the traditional owners of the land on which we meet and I pay my respects to elders past, present and emerging.

I acknowledge all my wonderful colleagues here with us today.

This is a testing time for our nation.

The war in the Middle East has caused the biggest increase in petrol and diesel prices, in history.

Australia is not an active participant in this war.

We did express support for the original objectives: preventing Iran from ever obtaining a nuclear weapon. 

And degrading its capacity to endanger its neighbours.

The Albanese Government is taking strong action to protect Australians, particularly children and young people, from the harms of gambling.

New reforms include restrictions on gambling advertising and a crackdown on dodgy operators to protect vulnerable Australians.

The reforms will minimise children’s exposure to gambling harm by stopping the deluge of advertisements through:

The Albanese Labor Government is bringing forward $6.15 billion in concessional capital to support Australian businesses affected by global disruptions.

This accelerated delivery of funds will help protect local manufacturing and supply chain businesses from market disruptions, and support investments in increased production capability, capacity and decarbonisation efforts.

My fellow Australians.

By nature, we’re an optimistic country.

But I understand that right now it’s hard to be positive.

The war in the Middle East has caused the biggest spike in petrol and diesel prices in history.

Australia is not an active participant in this war.

But all Australians are paying higher prices because of it.

I know that you’re seeing this at the servo and at the supermarket.

And I understand farmers and truckies, small businesses and families are doing it tough.

RAF EPSTEIN, HOST: Anthony Albanese is the Prime Minister of Australia. Good morning, thanks for joining us.

ANTHONY ALBANESE, PRIME MINISTER: Good morning. Good to be with you, Raf.

RAF EPSTEIN: I will come to fuel, PM. I just wanted to ask first of all though, what did you think when you heard the news yesterday that Dezi Freeman had been shot dead by police? What did you think?

SARAH FERGUSON, HOST: Prime Minister, welcome to 7.30.

ANTHONY ALBANESE, PRIME MINISTER: Good to be with you.

SARAH FERGUSON: Your Government did not previously support the idea of a cut to the fuel excise. What was the moment in the war when you changed your mind?

PRIME MINISTER: We always have been looking towards cost-of-living measures. It's something that's defined our Government, looking after people.

ANTHONY ALBANESE, PRIME MINISTER: Good afternoon. It's been a very busy morning. I've convened the National Security Committee. We've had a Cabinet meeting and then we had a National Cabinet meeting. And while Australia's fuel supply outlook remains secure in the near term, we need to be very clear, as well, with Australians that the longer this war goes on, the worse the impacts will be. I and the Government understand that people are really worried, but we have a plan to get through this.

Following a meeting of the National Cabinet today convened by the Prime Minister, the Australian Government will halve the fuel excise on petrol and diesel for three months.

The halving of the fuel excise will reduce the cost of fuel by 26.3 cents per litre.

This will reduce the cost of a 65L tank of fuel by nearly $19.

The spike in fuel prices as a result of the war in the Middle East is hurting Australians and causing financial stress. This will help to provide some relief.

The halving of the fuel excise will commence from April 1 and run to 30 June.