Australia dealing with ‘the largest energy shock in our history’, industry minister says
Let’s circle back to another interview on ABC Radio National from this morning, with Albanese government minister Tim Ayres.
Overnight, a US navy ship fired on vessel it said had tried to get past a blockade the country has imposed on Iranian ports, while Iran has pledged to keep the strait of Hormuz closed until the blockade is lifted.
Asked how concerned the Australian government was about the latest developments in the vital shipping pathway, Ayres said:
It’s a very volatile situation, to say the least.
That’s why the Australian government’s been calling for de-escalation and a cessation of hostilities and why we’ve been working so hard on these fuel and fertiliser security questions, not just here in Australia, but in the region, to do everything that we can, to provide a shock absorber, to cushion Australia and Australians from as much of … what is clearly the largest energy shock in our history.
Ayres downplayed government concerns about the effects the latest escalation of the war could have on fuel prices in Australia, saying:
It’s important, I think, not to focus on the, the daily see-sawing of activity.
Because events are moving very fast and our job here as the Australian government is to focus on what it is that we can do in fuel security terms now, but also to invest in the future, to build energy resilience in Australia and build our industrial capability, to shape a future that makes Australia more economically resilient and stronger.
Ayres wouldn’t confirm whether the government would extend the temporary changes to fuel excise and the heavy vehicle road user charge for cost of living relief.
Key events
Nationals ‘absolutely’ in with a chance to win Farrer byelection, McKenzie says
The Nationals senator Bridget McKenzie, says her party “absolutely” has a chance to win the Farrer byelection in less than three weeks.
The byelection, prompted by the retirement from politics of the New South Wales electorate’s long-serving Liberal MP, Sussan Ley, is turning into a four-corner contest between the Liberals, Nationals, One Nation and an independent candidate.
McKenzie, who was interviewed on ABC Radio National this morning, said the Nationals would be out campaigning in Narranderah, Griffith and Finley over the next couple of days, to promote their candidate Brad Robertson.
She said the two main issues on the ground were the state of the hospital and health services in Albury, and water management.
The Nationals are facing a challenge from Pauline Hanson’s One Nation, which hopes to expand its lower house presence on the back of a recent surge in support, with the 69-year-old local agribusiness consultant David Farley as its candidate.
McKenzie was asked on the ABC what she made of a dip in support for One Nation, according to opinion polling published overnight. She said:
In times of global crisis, which we’re currently in, Australians rightfully look to parties of government when they’re looking at economic shocks, such as we’re going through, or indeed how to respond to foreign conflicts.
And it’s really the parties of government, the National party, the Liberal party and the Labor party that have expertise in that those policy areas.
And I think that is what may be driving that drop, as Australians consider who is best to manage these types of scenarios.
McKenzie said she hoped voters were looking more closely for policy details from One Nation.
The Nationals are also up against independent candidate Michelle Milthorpe in Farrer. You can read more about Milthorpe, and what’s happening on the ground in Farrer, here:
Pocock buys billboards to pressure Chalmers on gas export tax
Tom McIlroy
Labor should use the proceeds of limiting tax concessions for property investors and a crackdown on gas export profits to fund welfare increases and build housing, charities and social service groups say.
Ahead of next month’s federal budget, the Albanese government is under pressure to wind back negative gearing rules and the 50% capital gains tax discount for property investments, and to tax more of the profits from soaring commodity exports, pushed up by the global energy shock.
ACT independent senator David Pocock has bought billboards in Jim Chalmers’ Queensland electorate, calling for a 25% tax on gas exports, delivered through changes to the petroleum resource rent tax (PRRT) scheme.
The gas tax plan – backed by the Greens, thinktank the Australia Institute and key Labor-aligned trade unions – could raise as much as $17bn for the budget.
The Australian Council of Social Service (Acoss) and a coalition of 50 charity and campaign organisations said money from the suite of proposed changes could help the most vulnerable, and fund sustained public investment in housing, renewables and disaster resilience.
The Acoss chief, Cassandra Goldie, urged the government to be bold, saying that:
People on the lowest incomes are skipping meals, delaying medical care and rationing energy just to get by.
Frontline services are operating at capacity, facing growing demand and increasingly complex needs. Current policy settings are not meeting the needs of our communities – it’s clear that significant and sustained public investment is essential.
Groups including Foodbank Australia, Jesuit Social Services and National Shelter have signed on to the push.
Tom McIlroy
Australian life satisfaction lower than during Covid-19: poll
Fallout from the global energy crisis, rising petrol prices and the war in Iran has contributed to lower average life satisfaction in Australia, according to new research by the Australian National University.
A poll of more than 3,600 adults found average life satisfaction had fallen to 6.22 on a scale of 0 to 10, the lowest recorded, and below levels reached during Covid-19 lockdowns.
Nearly 35% of Australians reported finding it difficult or very difficult on their current income, while the majority have taken at least one significant financial coping action in the past year.
“Australia in March 2026 is a country under considerable strain,’’ researcher Prof Nicholas Biddle said.
Unlike the lockdown periods, this decline is not a sharp shock from a higher base: life satisfaction was already depressed, making the current reading the culmination of a sustained deterioration rather than a sudden fall.
Welcome
Catie McLeod
Good morning, I hope you had a nice weekend. I’ll take you through the news this morning.
First up, a new survey is out which has found Australian life satisfaction is lower than it was during the pandemic.
And the ACT independent senator David Pocock has bought billboards in Treasurer Jim Chalmers’ Queensland electorate, calling for a 25% tax on gas exports, delivered through changes to the petroleum resource rent tax (PRRT) scheme.
Let’s get started.