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.

The Prime Minister convened a virtual National Cabinet meeting today to discuss Australia’s national, coordinated response to support our fuel security and supply chain resilience in light of the ongoing conflict in the Middle East.

First Ministers acknowledged the conflict is contributing to heightened volatility in global energy markets, with flow-on impacts for domestic supply chains and prices. Leaders noted the situation remains dynamic and evolving, underscoring the importance of governments being well-prepared for a range of potential scenarios.

Shlama lokon.

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.

And today we celebrate the indigenous people of Iraq – the Assyrian people.

I’d also like to acknowledge Hermiz Shahen, President of the Assyrian National Council, representatives of the Assyrian Church of the East, and my colleagues from across Parliament.

It is with great pleasure that I wish you a happy Assyrian New Year. 

I want to acknowledge my dear friend, His Eminence Archbishop Makarios, for his leadership of this community and for his ongoing contribution to our nation.

ANTHONY ALBANESE, PRIME MINISTER: Good morning. Firstly, if I can make some comments about Tropical Cyclone Narelle, because it's been a really tough night for so many people in Western Australia. Please continue to look after each other. The system's been downgraded, but it is still dangerous and the aftermath of heavy winds and rainfall is continuing. We're in touch regularly with the WA Government and stand ready to assist with the recovery. And can I just give a big shout out to the emergency service workers.