Press conference, Fairfield West, New South Wales

MINISTER FOR CLIMATE CHANGE AND ENERGY, CHRIS BOWEN: Obviously, the situation in the Middle East continues to be uncertain. But one thing Australians can be certain about is that our fuel supply continues to be solid and secure. And today's Saturday update, I can tell you that we have 42 days' worth of petrol. 38 days’ worth of diesel and 32 days’ worth of jet fuel.

All of these figures are more than we had on the day Iran was first bombed on February 28th. In total, we have 6.2 billion litres of fuel on stock in Australia. That's 15% more than we had on February 28th.

We currently have 51 ships on the water on their way to Australia, and we had 3.1 billion litres of fuel locked in to be delivered over the next 4 weeks. So it’s the rolling report, I've been giving every week for the last few months since February, which provides Australians with certainty that government and industry working together is continuing to see strong and solid fuel supply for Australia.

Obviously, as we've said consistently, we want to see the situation in the Middle East return to normal. But in the meantime, we'll continue the efforts and the work with our trading partners, with our refiners, to ensure that Australians can have confidence in our fuel supply. Others said shortages were inevitable.

Others called for rationing. Others said that rationing was inevitable. We had the view that a calmer approach was necessary and that calmer approach remains necessary.

Just on another matter, can I just welcome the International Energy Agency Report during the week, which showed that Australia was one of the very few countries to be experiencing reductions in this environment in our wholesale energy costs. More than a 40% reduction in quarter two, more than 30% reduction year on year. And in quarter 2 this year, Australia had lower wholesale energy costs than India, Japan, United States, and Europe.

And also, the IEA, particularly called out South Australia and Victoria for having particularly prevalent periods of negative energy prices, which, of course, is, as a result of our very strong solar performance. And, of course, we're helping Australians make the most of that very strong solar performance and negative prices by introducing solar sharer, which applies in default market offer states to enable Australians to access, if they choose to, free power in the middle of the day.

And many Australians exploring that, and to those Australians who are able, to move their power use predominantly to the middle of the day, it's a very good option for their [inaudible]. So, good news on fuel, that our situation remains secure. Good news on energy prices that we have some of the lowest wholesale energy prices in the world, on both issues, there's much more to do.

Fuel, we’ll continue to work carefully, calmly, with our refiners, on energy prices we’ll continue the efforts to roll out reliable, renewable energy backed up by gas peaking, and storage to ensure a reliable renewable energy system for Australians. Happy to take some questions. JOURNALIST: Fuel prices are expected to increase off the back of reignited tensions between the Middle East.

Do you have concerns or any sort of, a read on that? CHRIS BOWEN: Well, we've said consistently that we want to see the situation in the Middle East return to normal. That will see fuel prices return to more normal levels and fuel supply return to more normal levels.

We know that there's an impact on fuel prices, that's why we're taking the actions we've taken. Obviously, the sooner the situation returns to more normal arrangements, the better it will be for fuel prices. JOURNALIST: Those ships that are on the way, will any of them be impacted by those new tensions?

CHRIS BOWEN: No, they’re on the way. Okay, that's it? That's a wrap.

We acknowledge the Traditional Owners of country throughout Australia and recognise their continuing connection to land, waters and culture. We pay our respects to their Elders past, present and emerging.