Press conference, Fairfield West, NSW

MINISTER FOR CLIMATE CHANGE AND ENERGY, CHRIS BOWEN: Well, good morning everyone. The international fuel supply situation remains volatile, but Australia’s fuel supply remains solid and secure. As I have done every Saturday for the last six months or so, I’m pleased to give the Australian people today's update. 41 days worth of petrol, which is one day less than the update last week, 32 days worth of diesel, which is the same as last week's update, and 28 days worth of jet fuel, which is one day more than last week's update.

We have 50 ships on their way to Australia with fuel supplies. That is five more than last week's update, and the highest it’s been for quite a few weeks. We also have 3.6 billion litres of fuel locked in, contracted to be delivered over the next four weeks.

That's 100 million litres more than last week's update, and included in that is 2 billion litres of diesel, which is the highest number for forward orders of diesel since May. So these are numbers which I think can give Australians the reassurance that they need that Australia's fuel supply remains solid and secure. The government has been and will be working with our international trading partners and with our domestic refiners to ensure that everything we've done, since this conflict began in late February, continues to ensure that Australians have access to the fuel they need, just as we said we would.

Others called for rationing, others predicted rationing. We always said that a cooler, calmer approach was necessary and would see Australia through, and that'll continue to be our approach. Now, I welcome the actions overnight by the G7 to release more fuel.

Effectively, Australia did that when we reduced our minimum stock obligation requirements earlier in this crisis, and just a couple of weeks ago I announced that those arrangements would stay in place until January 2027. That's to ensure that Australia's fuel suppliers have the flexibility they need in this international crisis and also that it is, in effect, a reduction of our reserves to enable Australians to get access with surety to the fuel they need.

And so, that action will continue, keeping our minimum stock obligation 20 per cent lower than it otherwise would be is, in effect, a release of reserves, and that will continue until January. But as I said, I do welcome the actions of G7, particularly the confirmation by the United States that they are not intending to put any restrictions on diesel supply. Australia hasn't been getting much diesel or fuel from the United States, about 2 per cent.

But nevertheless, any restrictions on exports are a blow to international fuel movements, and would be a negative development as we always said, but not one that directly impacted on Australia, nevertheless we welcome that action. We'll continue our engagement with our international partners. Last week I was able to engage with Reliance, a very large fuel supplier and in fact the owner of the largest refinery in the world which I was able to visit in India.

And also engage with my Saudi Arabian counterpart, the Minister for Energy, Prince Abdulaziz, and also Aramco, the large refiner in Saudi Arabia, to talk about the situation in Saudi Arabia, which has been under attack. And the reassurances that I received from Minister Abdulaziz and from Aramco, I will say, were encouraging in terms of the fact that they are confident that fuel supply will return to more will normal levels from Saudi Arabia in the immediate future.

Happy to take questions. We might go to the journalist here in person first and then to the phone. JOURNALIST: Yeah.

Regarding the G7 announcement, [Indistinct] it’s been said that the global [Indistinct] prices could soon start falling with that in mind. What does that mean for Australians and prices here? MINISTER BOWEN: Well, I don't think we should get ahead of ourselves.

Obviously that's welcome, the G7 release is welcome, and it will- more supply does put downward pressure on prices. But I'm not ready to make any predictions about any particular price impacts in Australia, but obviously it will be welcome. JOURNALIST: Was it irresponsible for US President Donald Trump to threaten a ban on diesel?

MINISTER BOWEN: I welcome the fact that he has said that export ban will not be proceeding. JOURNALIST: Earlier this week the Prime Minister flagged further cost of living relief measures will be announced in MYEFO. Will this include further cuts to the fuel excise?

MINISTER BOWEN: Well, MYEFO measures will be announced on MYEFO day, by the Treasurer, not by me, several weeks out. JOURNALIST: And you did mention briefly your- you returned recently from talks with your counterparts in India and Saudi Arabia. What did that visit achieve?

MINISTER BOWEN: Well, it was good to engage with Reliance. As I said, the owner of the largest refinery in the world, which I visited and saw firsthand in Jamnagar in India. And also with Aramco and with Minister Abdulaziz.

Prince Abdulaziz was able to brief me on the current situation in Saudi Arabia and the attacks that they've been receiving, the impacts on fuel supply. And I found those updates, which were- it was good to get them in person on site, in Saudi Arabia, much more direct than cables and other things. And I found that update encouraging.

And also, we agreed to work further with India and with Reliance on other measures going forward, which we’ll continue to engage with them on about ensuring our links and lines of communication are open in relation to the ongoing international circumstances. JOURNALIST: Regarding interest rate rises this week, it's been a challenging week… MINISTER BOWEN: [Interrupts] Do you mind if I just go to the phone first?

Because there might be some more fuel questions, then I'll come back to you on other matters. Okay, to the phone? JOURNALIST: Minister Tim Lester here.

Just on the question if the decision that the G7 on release of fuel today. Saul Kanovic suggested some weeks ago that if America did go ahead with any sort of restrictions on diesel, that could quite easily drive Australia into fuel rationing, not because we directly get fuel from America, but because it would bid up fuel around the world such that it would affect us.

Do accept that there is that risk, if America ever does go down that path? MINISTER BOWEN: No. No, I don’t.

As I said, it would be a backward step to have export restrictions for the United States. As I think I said to you last week, Tim, that would be a negative development. But not one- I mean, people can predict rationing, although- like, Mister Kanovic has predicted rationing several times.

I think he said it was inevitable after Easter. He's been wrong about these issues. Frankly, a calm, cool approach will see Australia through, and predictions of rationing are unhelpful, and irresponsible, and inaccurate.

JOURNALIST: I might come back in a second with a non-fuel question. MINISTER BOWEN: Sure. Well, let Matt have a go, and then we’ll have another go around the grounds.

JOURNALIST: Minister thanks [Indistinct]… MINISTER BOWEN: Okay, sorry Connor. Happy to go to you. JOURNALIST: Does this release of fuel from G7, do you think it's a recognition that this war will be protracted, or continue on longer, and will that carry into higher prices across the board in Australia at Christmas time?

MINISTER BOWEN: Well I do think it's a recognition that this international crisis is ongoing and there's no signs of it being resolved any time soon. I mean, that- yes, effectively, you're correct about that. And I think the whole world would want to see this resolved, but only Iran and the United States can resolve it going forward.

So it is an indication by the G7 countries that there's more work to do to ensure fuel supply flows freely in the midst of the worst fuel crisis the world has ever seen. That is what, internationally, is the case. But domestically, we'll continue the actions we've taken to ensure Australians have access to the fuel they need.

We've always been clear it's going to have an impact on fuel prices. It has been having an impact on fuel prices, obviously. And we'll just continue the actions that we've taken to ensure Australians get access to the fuel fuel they need.

JOURNALIST: Do you expect these price [Indistinct] like in fuel and the fall-on effects to carry on through until Christmas? In which case do you expect this to be a pretty cold Christmas for Australians? MINISTER BOWEN: I think, Connor, that Australians understand that the longer this crisis goes on internationally, the longer there will be impacts, including on prices.

Now, we've seen prices move up and down. We'll see what impact this release has. I'm not in the business of predicting prices months in advance, because there's many factors that can go into it.

Many factors that can go into it. Obviously, the more fuel that's supplied, the quicker this international crisis is resolved, the better for the world economy, the better for the Australian economy, the better for Australians across the world. JOURNALIST: Minister, Matthew Karstunen from 10 News.

I think you might have answered it but I’ll ask anyway. Obviously, Australia is at the end of a very long supply line when it comes to fuel, Australia doesn't get a lot from the US. But do you think at least this announcement today by the G7 will see at least some relief for Australian drivers at the bowser?

And if so, I mean, it will take some time, you would presume? MINISTER BOWEN: Yeah, look, as I said, I'm not in the business of making particular predictions about prices in coming weeks and months, but obviously I welcome the G7 announcement. The more fuel that's flowing, the better for supply, the better for prices.

Okay, we might come back to journalists who are here with us, and then I'll give the phones one more go after that. JOURNALIST: Yeah, thank you. It's been a challenging week for many Australians in the [Indistinct] of those interest rates rise.

In the wake of those latest inflation figures, do accept that government spending needs to be tightened? MINISTER BOWEN: Obviously the Treasurer and the Prime Minister have made lots of comments this week about the impact of the interest rate rise. What I will say also is that the Government will continue our laser-like focus on affordability, cost of living relief.

Whether it be through cheaper medicines, whether it be through Free TAFE, cheaper home batteries, all the things that help Australians. And, of course, every Australian receiving a tax cut. Now, many of those things have come at a cost to budget.

So I think we've got to remember that when we're having a conversation about government spending. We have taken action to give Australians affordability relief and cost of living relief. That has come at a cost to the budget.

That is government spending when you engage in Free TAFE and cheaper medicines, and cheaper home batteries of course. So if the Liberals and others are going to call for cuts, they have to explain, what will they cut? Will they cut Free Tape?

Cheaper medicines? They will cut cheaper home batteries, which will see those half a million Australians who've reduced their energy bills to almost nothing be not impressed. But we'll continue to engage in cost of living relief.

We’ll continue to engage in what is necessary to help Australians through this very challenging international time. JOURNALIST: And with that in mind, though, how do you ensure that further cost of living relief measures are not inflationary? MINISTER BOWEN: Well by carefully calibrating and targeting them as we have done this [Indistinct].

Back to the phone. JOURNALIST: Minister, we've seen another AI breach acknowledged from the United States into Australian government systems, this one into New South Wales. How concerned is the government that we might only really be seeing the tip of an iceberg in terms of AI activity around our computer systems, government computer systems?

And how confident is the government that it can bring big tech to heel at this? MINISTER BOWEN: Well this is a very concerning development but not a surprising one. And I think it confirms the importance of the actions the government has been taking, and the international leadership the Prime Minister has been showing, in calling for proper regulation of AI going forward.

Now, that's something we can do in Australia, but it's also something we can do in cooperation around the world. That's why the Prime Minister’s speech and activities in in New York were so important, because it's better if this is done in an internationally coordinated way, which the Prime Minister has made clear. He's happy to be very proactive and indeed take a leadership role in those international conversations.

We'll also do what we need to do domestically, but I think Australians will look at this latest breach and say this is more reason for action, and more reason for the government continuing with the course that we've set out. Anybody else on the phone? JOURNALIST: Yeah Minister, [Indistinct].

What do you make of the Olympic logo, the Olympic logo for the Brisbane Olympics? And is the government disappointed that it was [Indistinct]… MINISTER BOWEN: I only know what I've seen in the newspaper reports, but it looked like a decent enough logo to me. The Brisbane Olympics are going to be fantastic.

As the Sydney Olympics, for those of us who are old enough to remember them as I am, were absolutely brilliant. The world's best Olympics, and I know Brisbane will do Australia proud. And a logo is an important part of an Olympic event.

JOURNALIST: MINISTER BOWEN : Okay, maybe back out here to the journalist, who is present? : On Bruce Baird, if I can please. We’ve heard the news yesterday that former federal Liberal MP Bruce Baird sadly died. How will he be remembered?

What's his legacy? And are you aware if there will be a state funeral at that? MINISTER BOWEN: Bruce Baird was a gentleman.

Bruce Baird was a thorough gentleman. He served his state and his nation very well. In my own case, personally, he was chair of the House of Economics Committee when I was deputy chair in my first term.

So I knew Bruce quite well. And we were just talking about the Olympics. Bruce was the Minister for the Olympics bid.

So he went and played a very large part in Sydney winning the Olympics. So I recognise his service to his state and country. We did serve in Federal Parliament together, and I think everyone, from all sides, would say Bruce Baird was a top fella, and a thorough gentleman, and a decent person.

And I wish his family all condolences. Obviously, former Premier Mike Baird, Julia, Stephen and the entire family. It's a great loss, he was still obviously very vibrant, just as I understand it, he was just returning from a cruise in Europe on his way back to Australia and didn't make it home.

So, our condolences to him. He was a Minister in the New South Wales state government, so I would imagine a New South Wales state government state funeral would be offered. Okay, we might take that as a wrap.

Thanks 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.