Press conference, Fairfield West, New South Wales

MINISTER FOR CLIMATE CHANGE AND ENERGY, CHRIS BOWEN : Well, the war in the Middle East continues to rage on, but the other thing that continues is Australia’s fuel security, which I can report – as I have each Saturday, since March – continues to be secure and in good shape. Australia currently has 43 days worth of petrol on hand, which is one day more than last week’s update.

We have 39 days worth of diesel, which is also one day more than last week’s update, and 34 days worth of jet fuel, which is two days more than last week’s update. We have 44 ships on the water on the way to Australia with fuel, and we have 3.1 billion litres locked in to be delivered over the next four weeks, which is consistent with every other report that I’ve given.

So the situation continues to remain. I speak, as I have done all through this crisis, very regularly with the chief executives of Australia’s oil companies, and while obviously the situation internationally remains challenging, it remains the case that no orders to Australia have been cancelled, and that orders continue to be locked in through September and into October.

So this is consistent with the reports I’ve given each week, since March, that Australia’s fuel security, government and industry working together, and with our trading partners, continues to be in good shape, and Australians can continue to buy the fuel that they need. And consistently we’ve asked, take no more, no less than the fuel you need to get you through.

And we’ll continue with these updates, unless and until the international situation is resolved. Over to your questions, I’ll go to journalists here first, and then onto the phone. JOURNALIST: How much more can motorists expect to pay for fuel from Monday?

MINISTER BOWEN: Well, as you know, as we have been consistent, the fuel excise will return to normal over the weekend. That will see it return to the more normal levels. We said that this was a temporary measure, we’ve returned it gradually, which I think was the right thing to do, but I think Australians have understood, as we made crystal clear all the way through this was a temporary measure.

JOURNALIST: Are you concerned about panic buying tomorrow, in the lead-up to that fuel excise [Indistinct]? MINISTER BOWEN: Well, we ask people to buy as much fuel as they need, no more, no less. We saw a similar increase last month, and we didn’t really see a massive increase in demand.

I would hope that that continues. Because when we see massive increases in demand, all of a sudden, that’s what puts huge pressure on the supply chain, which means it’s difficult for everyone. JOURNALIST: Is price gouging a concern?

MINISTER BOWEN: Well the ACCC has strong powers, and they will be continuing to monitor service stations across. JOURNALIST: Several peak trucking organisations are demanding the Government keep, at the very minimum, the heavy vehicle road user charge at the current discounted rate, warning the added pressure on transport will result in big consequences for Australia’s food supply chain.

Is the Government considering this? MINISTER BOWEN: No, the road user charge is linked to the petrol excise and that's returning to normal over the weekend. JOURNALIST: Would the Government consider reintroducing fuel relief if oil prices spike?

What would be…? MINISTER BOWEN: Well, our policy decision is very clear. Obviously we always monitor the situation and take steps as necessary, but our policy decision is clear and is being implemented this weekend.

Okay, over to journalists on the phone. JOURNALIST: Minister, you mentioned the extraordinary powers of the ACCC. Have they used- have they issued any fines throughout this saga?

MINISTER BOWEN: I'd have to leave the ACCC to update you on their enforcement actions. But they have certainly been given increased powers and increased fines by the Government, and they have been, I know, active in the market. But as to exactly what actions they've taken, I'd leave them to update you.

JOURNALIST: Would you have expected them to or would you be disappointed if they hadn’t? MINISTER BOWEN: Well, I mean, fines should only be issued if the circumstances warrant it. The fact that they are on the beat, I think, should be a reminder to everyone that they are there, they are monitoring and that they will take action, and they have the powers to take action if they see actions that they find illegal.

JOURNALIST: You kind of alluded to this earlier, but the fuel excise cut, as you said, is temporary, I think that’s been well- made well clear. But would you expect the prices to go up that full 16 cents overnight? Or do you think it would be a more modest increase than that?

MINISTER BOWEN: Well, just as it takes some time for the reduction to flow through, I would imagine obviously it will take some time for the market to respond because the excise has been paid on the fuel under the ground in the service station already. Some service stations get replenished more than others. So, just as we said that, on the way down, similar would apply on the way up.

JOURNALIST: And deviating away from the topic, The ABS has released figures saying that job mobility has fallen to its lowest level on record. Economists suggest that this is because workers are cautious, concerned and insecure about the economy. Is that a fair summation?

MINISTER BOWEN: Well obviously the international circumstance is concerning and obviously people look at the international economy and know that that flows through to Australia. So I understand that often on the news there's confronting news, because internationally the situation is very volatile. What we've done is provide real support for Australians through this international circumstance.

Obviously there was a lot of concern early on about fuel security. These weekly updates have been designed to give Australians the confidence to buy the fuel they need, no more, no less. I think that's had some effect.

Obviously we've also taken real cost of living measures, not just in fuel but right across the board. Cheaper medicines, tax cut for every Australian, the support through TAFE and paid prac and the HECS relief. So, all these measures over the last period have been designed to give Australians the confidence that they can make the decisions in their own best interest.

But ultimately, Australians will make their own calls. JOURNALIST: Minister just a couple of questions on COP31. You’re the President of Negotiations for this.

Tuvalu's High Commissioner to Australia has told the ABC he's not aware of any leaders who have committed to attending the Government's meeting for world leaders in the Pacific in October. Will you loosen attendance requirements? MINISTER BOWEN: So Pre-COP is an important part of the COP process.

Can I say that the COP arrangements which we have at Turkiye are so very important for the Pacific and if you support Australia's engagement with the Pacific you should support COP31. And I make that claim and that point directly to the Opposition, who say that they are friends with the Pacific, and have criticised hosting pre-COP in Fiji. And criticise it very, very regularly.

Now Pre-COP is normally a pretty low-key event. It's not the COP itself. But we have sought to elevate it in its importance and invite ministers and other senior people to the Pre-COP.

And those discussions with countries are ongoing. Pre-COP will be important. I don't announce the decisions of other countries, but I expect good attendance across the board, but a leader’s attendance at Pre-COP is very rare.

There will be, there have been invitations issued, but there will also be ministerial representation. Often ministers don't go to Pre-COP, but we are seeking to elevate it to a more senior and prominent event. And that's important for the Pacific.

JOURNALIST: And just on trust tax, the AFR has reported half of the charities in Australia could lose out on donations because of the Albanese Government's planned 30 per cent tax on distributions from discretionary trusts. Will there be a carve-out for charitable distributions made by trusts? MINISTER BOWEN: I’ll leave the Treasurer to comment on his further deliberations, but the argument somehow you can’t have, reform the tax system because that will somehow mean that some Australians make donations to charities is not one that I find- that is particularly logical.

But if there are particular issues in relation to charities, I know the Treasurer has been consulting. I'll leave him to make further comments. Back to the phone?

Back to the phone to be fair. JOURNALIST: Yeah. Thank you Minister.

Just back onto the road user charge, are you concerned that with freight costs expected to go up, impacting everything from groceries to online deliveries, that this can just add more pressure on families already struggling under cost of living pressures? MINISTER BOWEN: Well again, we made the petrol tax and diesel tax relief and the road user charge some time ago.

We extended it once. It was always meant to be a temporary measure. I think Australians understand the budget does need to return to raise that money to fund important government services.

That’s been very clear by us, by the Prime Minister, by the Treasurer, all the way through. You know, the situation in the Middle East has gone on for much longer than anyone would like. But obviously, this temporary relief did need to come to an end.

JOURNALIST: And are you also concerned by reports today that petrol station staff are facing more abuse as prices have gone up? MINISTER BOWEN: Yeah, I am. I am concerned by that.

No one deserves a serve. Regardless of what you think, a poor person working in a service station is not responsible for the pricing decisions. That is not their job.

They don't deserve that sort of abuse. Please, Australians sticking together is important and the worker at the service station is not responsible for the price of petrol that you pay. I'll stick on the phone.

I'll stick on the phone. I'm going to be fair about this one. I'll come back to you, though.

Yep. Over to the phone, yep. JOURNALIST: Just one final one Minister, Josh from Channel 7.

Are you concerned by reports of price distortions in the fertiliser market? And are you confident in the design of the fertiliser and fuel scheme? And would you support an inquiry to that?

People are saying that only the three biggest fertiliser companies have got the underwriting support. MINISTER BOWEN: Absolutely, I have great confidence. And this has been absolutely vital to see Australia through this.

Export Finance Australia arrangements we put in place to get extra fuel and fertiliser into Australia has been key to our success over recent months. So I want to pay tribute to Export Finance Australia and the work they've done. Now, importantly Export Finance Australia was dealing with the taxpayer expenditure, expenditure of taxpayer money.

So they had important checks and balances in place, and they had to have a deed in place with petrol companies, and indeed fertiliser companies, before they would underwrite imports. That's pretty standard. I would be concerned if they didn't have that in place.

If they didn't have a situation where they'd negotiated a deed with companies before any imports were allowed to be underwritten. Now, I see on the front page of a paper this morning that some companies were unhappy, fertiliser companies, were unhappy that they didn't get to sign a deed. Well, Export Finance Australia, I know, prosecuted deeds with many companies.

My direct involvement was with fuel, but the same principle applies. Some companies were unhappy that they didn't get to execute their deeds in time and therefore didn't get imports underwritten. But it's a two-way street, working carefully with EFA, lots of companies got deeds signed, and had imports underwritten.

That's been key and vital, and the program has been very successful. I understand some companies feel that they could have had a deed faster. Well, that's a two-way street to have a deed agreed.

It takes agreement between both parties, and not every party was able to get their deeds done in time to have imports underwritten. Okay, I'll go back to journalists here. JOURNALIST: Snowy 2.0’s cost reassessment was due by mid this year.

We're now in August, is there any update on when it will be delivered? MINISTER BOWEN: No, I haven't received it. JOURNALIST: Was the expense - is the project too expensive to pay?

MINISTER BOWEN: No, it's an important project that's more than two gigawatts worth of generation. It was started by the previous government, by the Turnbull government. The work done when it was announced was underdone.

It was immature at final investment decision. They hadn't done their geotechnical work. We've been dealing with that since.

But nevertheless, it’s an important nation building project. It's substantially now- you know, well over 50 per cent complete. And yes, there is a cost reassessment, and I will say more about that, Minister Gallagher and I, when it’s been completed.

JOURNALIST: And just finally, just one last question. Is the Government in talks with the United States to secure access to top-tier AI models such as Anthropic's Fable, and Mythos as reported by the Sydney Morning Herald? MINISTER BOWEN: I'll leave other ministers to comment on that.

Okay, thanks very much. Cheers everyone. 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.