Press conference - Sydney

ANTHONY ALBANESE, PRIME MINISTER: Good morning. It's great to be here with Minister Bowen who will shortly give our usual Saturday weekly fuel update on Australia's Minimum Stockholding Obligation for Fuel. Australia remains steady at Level Two in our National Fuel Security Plan, 'Keeping Australia Moving'. It is our goal, of course, to remain at Level Two, as I've said many times, but we do live in a volatile world. The conflict in the Middle East is ongoing, and it is uncertain when it will end. And what we continue to have said is that the longer the conflict goes, the longer the economic tail will be of that conflict. But I do want to say that Australians are doing their bit. Australians are doing their bit as we ask them to, because every little bit helps. So, we've had a drop in that spike in demand that we saw prior to Easter. And at the same time we've been working on our resilience, including in Tuesday night's Budget. On Tuesday night, we released our Strengthening Australia's Fuel Resilience Package and that had a number of elements adding up to $14.8 billion, securing more fuel independently through the $7.5 billion Fuel and Fertiliser Security Facility.

Now, yesterday we announced an additional three cargoes have been secured for diesel coming to Australia. That brings a total to 14 and 700 million litres of additional fuel coming to Australia as a result of the measures that were put in place, making these purchases on the spot market. These particular fuel shipments are headed to South Australia, Tasmania, Queensland and Victoria. And that comes on top of the fertiliser that we've been able to secure as well, making a substantial difference. In addition to that, we've announced our $3.2 billion Australian Fuel Security Reserve and increasing the Minimum Stockholding Obligation to increase Australia's reserves of diesel and jet fuel to 50 days. In addition to that, we have announced our Strengthening the Fuel Security Services Payment to ensure the future of Australia's last two remaining fuel refineries. But also $10 million, because we want to look at developing feasibility studies to expand our domestic refining capacity. And we have of course, halved the fuel excise, making a difference as well as slashing the Heavy Vehicle Road User Charge to zero, understanding how important those heavy vehicles are to deliver food to our supermarket shelves and to keep the country going. All of this has made a substantial difference. Now we'll continue to work around the clock to make a difference at what is a difficult time around the globe. Around the globe, in many of our neighbours, what we see is compulsory public holidays every week because of fuel shortages which are there. What is absolutely remarkable, and Chris will give you the detail of that, is that today we have more diesel than we had on February 28. We had more petrol than we had in February 28, and we have more jet fuel than we had in February, on February 28th as well. That says something about the way that we've worked to make an enormous difference to supply here in Australia, which is the number one issue that we have concentrated on. And I want to pay tribute to the work that we've done with the private sector as well. This is a great example of what my government does - government working with the private sector in an orderly way to make a difference for Australians. Together, we are in a better position than anyone was predicting prior to Easter, when we did the National Address to the Nation, when we launched our advertising campaign to make sure that we brought Australians with us on this journey. And together we are maximising Australia's fuel that is available. And that's making a difference, of course, to our economy.

We, of course, are not through this. I'll convene again this week, the National Cabinet once again, for our fortnightly meetings. That will take place on Wednesday morning of this week. I'll be in Perth when that occurs and I'll join that video meeting with the Premier of WA, Roger Cook, who's also the Chair of the Council of Australian Federation. I'll go to Minister Bowen and then we're happy to take questions.

CHRIS BOWEN, MINSTER FOR CLIMATE CHANGE & ENERGY: Thank you very much, Prime Minister. Well, today's Saturday update tells us that we have more fuel in Australia, as the PM said, than when the Iran war began. We have 44 days worth of petrol, which is two days more than last week's update and eight days more than the day that the Iran bombing began. We have 36 days' worth of diesel, which is one day more than last week, and four days more than at the end of February. And 35 days' worth of jet fuel, which is six days more than last week, and six days more than when the crisis began. And, in fact, we have now more diesel and jet fuel than at any time since the Minimum Stock Obligation became law in 2023. And as a total, the 6.2 billion litres we have on hand is more than at any time since 2023. So, as the PM said, this is a result of government and private sector working so closely together in the most difficult international circumstances for energy and oil ever, to ensure that Australia is well stocked. We have 52 ships on the water on their way to Australia, and we have 3.8 billion litres locked in, contracted to be delivered over the next four weeks. That's 2 billion litres of diesel, 760 million litres of petrol, 326 million litres of jet fuel and 648 million litres of crude oil. In addition, as the PM said yesterday, we were able to announce another 150 million litres of Export Finance Australia supported additional buffer cargoes, and it's particularly great to see, and important that they are primarily going to South Australia and Tasmania, just as additional buffer stocks in this ongoing international uncertainty that we have been facing, and will be facing for the foreseeable future.

I did just also want to very briefly touch on the fact that yesterday we surpassed 400,000 Cheaper Home Batteries. 400,000 Australian households reducing their bills very dramatically, but also helping the grid and helping all Australians reduce their bills. 11.2 gigawatt hours of extra storage introduced in less than a year under the Albanese Government's Cheaper Home Battery policy, which means that there is less gas and coal being used in the nighttime, which is reducing prices for everyone, not just those Australians who have put in Cheaper Home Batteries. So, this is remarkably successful policy. Australians getting on with it, particularly in the outer suburbs and regions, getting on with it, putting in their Cheaper Home Batteries. 400,000. Quite a remarkable milestone for those Australian households. Thanks, PM.

PRIME MINISTER: Thanks, Minister. Happy to take questions.

JOURNALIST: On the issue of fuel, are there any plans to extend the fuel excise relief given it's due to end June 30?

PRIME MINISTER: Look, we'll make an assessment in the lead up to July 1. But on July 1, of course, we've got our first tax cuts, one of the five instalments of tax cuts that have been put in place by my government. The first, of course, was the changes that we made to Stage Three, where we took tax cuts that were aimed just at the top end, and made sure that low and middle income earners benefited from those tax cuts. That was opposed, of course, by the Coalition. They called for an election to be called on it. They hated it so much, and then they voted for it and it went through. The second, of course, begins on July 1 with our tax cuts that were in last year's Budget. Again, the Coalition said that they were opposed to that. They voted against it in the House of Representatives and the Senate and they went to an election saying they would reverse it and they would go for higher taxes. Now that will kick in on July 1. There'll be another tax cut on July 1 the following year, then there will be $1,000 instant tax deduction automatically, for those people who don't want to go through and keep receipts and don't have accountants, that will make a difference, particularly for low and middle income earners. But the last change, of course, is the Working Australians Tax Offset, the fifth tax cut instalment that's been put in place by my government, that will be a $250 permanent reduction in tax paid by workers. And that stands in stark contrast, what we have done, we have put forward coherent tax policy with tax cuts, particularly aimed at working Australians, fully costed in our Budgets.

What we saw on Thursday from Angus Taylor was firstly in the morning, the Shadow Finance Minister said that everything would be costed in their plan. Then we had a speech on Thursday night with no costings attached. Then we had an interview, or better seen as a train wreck, from Angus Taylor immediately after his Budget Reply speech of division where he couldn't say how much any of it cost. Then the next day they put out costings, yesterday, saying it was $22 billion. But we know that it's actually $35 billion, which is why the PBO, the Parliamentary Budget Office - they should get it costed. If there's any doubt that they want to argue that black is white, they should put it out, get their policies fully costed, because that is a $12.5 billion dollar gap in their costings. Now that's before the other measures that were in their Budget which simply don't add up. This is a guy who was Shadow Treasurer, now Leader of the Opposition, who went to an election arguing for higher taxes with higher deficits. Now what we have is between him and the other architect of the policy debacle, who was made Deputy Leader of the Liberal Party in February, a position of where they simply do not have credibility going forward. Thursday night's Budget Reply was a divisive speech, all taken from One Nation, as Barnaby Joyce has accurately said, rather than a well thought out alternative policy proposal. Angus Taylor wants to fight One Nation. We want as the Labor Government, to fight for our nation as a whole, not to divide people through the division which he put up, speaking about Australians and migrants as if they were completely separate things, as if there is no one in this country who is a migrant, who isn't loyal to Australia. What I see is hardworking Australians who have come here making a difference to their nation.

JOURNALIST: Prime Minister, the ABC is aware the National Socialist Network has raised more than $150,000 to challenge hate speech laws. Are you confident that those laws can withstand a legal challenge?

PRIME MINISTER: We are absolutely confident. We've outlawed the neo-Nazis who've gone through various name changes. But the policies remain the same. The policies of hatred, the policies of antisemitism, the policies of trying to divide people against and target people who are Australians. We went to the Parliament in January - it is extraordinary that so many people in the National Party and some in the Liberal Party didn't vote for these laws. But they're important laws for Australians and we will stand by them, we'll defend them and I think the whole of the Parliament should be defending them.

JOURNALIST: Just back on tax reform, prior to the Budget, did you model or consider modelling indexing tax brackets to inflation?

PRIME MINISTER: What we did was what we announced in the Budget. And the fact that the lack of costings and proper focusing from the Opposition, that announced the policy without any detail, without putting out modelling, what we've done in our Budget is put forward everything that is fully costed for all to see.

JOURNALIST: The Special Envoy to Combat Islamophobia, Aftab Malik, says the Federal Government is taking too long to act on the issue of Islamophobia after he handed down his Report eight months ago while attacks on Muslims in Australia are escalating. When will you give a response?

PRIME MINISTER: Well, we have given proper consideration to Mr. Malik's Report and will respond appropriately. What my government does is respond in a considered way. We've already, of course, as we as we have gone, made a number of responses, including with the community. They're a community that I've met with on a number of occasions, including with the Special Envoy and will continue to do so.

JOURNALIST: And US President Donald Trump has cautioned Taiwan against declaring independence from China following a two day summit with his Chinese counterpart Xi Jinping. What do you make of this and the President's visit on whole?

PRIME MINISTER: It's a good thing that President Trump and President Xi have had a meeting that was constructive, that both of them have said was constructive going forward. What we want to see is more cooperation that is in the globe's interest. We live in a time where we have a land war that's ongoing in Europe. We have a Middle East conflict that has had an enormous economic impact in our region. And on Taiwan, our position is been very clear. It's been a bipartisan position for a long period of time. We support a One China policy, we support no change to the status quo being done in any unilateral form. And so that is our position, support for the status quo. I note that's consistent with the statement that was given.

JOURNALIST: And just back on housing tax reform, there's been some criticism from young people who say they'll miss out on assistance that's been generous to older Australians. What's your response to that?

PRIME MINISTER: The reforms on Tuesday night were the most significant reforms to tax policy and housing policy that Australia has seen. It follows what we've done since 2022, following on from a decade of neglect where the former government didn't even bother to have a Housing Minister. So, we know the key is supply. And that's why we've had our $47 billion Homes for Australia Plan that consists of increased social housing through the Housing Australia Future Fund, increased private rentals through our Build to Rent scheme, increased opportunity for home ownership through our shared equity scheme, Help to Buy, but also through our five per cent deposits, where just this week we have passed 250,000 Australians being able to buy their first home with just a five per cent deposit. And I met a family in Kingston in Canberra just yesterday who really benefited from this scheme. In addition to that, we have increased small infrastructure in energy, water, sewerage, in order to facilitate additional building of new homes. In addition to that, we've got half a billion dollars in the Budget for our planning laws, our environmental laws, to make sure that those planning of new homes gets fast tracked. But in the Budget as well, this from today, if a young person is going to an auction today, unlike last week, the investor who is bidding against someone who wants to live in that home as their first home, won't have the taxpayer by their side subsidising their bids. Because what has previously happened, we know, over a long period of time, is that if you have the previous system of negative gearing for existing homes, then someone can, perhaps, if they're in a contest, go that extra little bit further, bid that extra $50,000, because they know that will be a deduction for them. So, what we've got instead is that investors, including young people, can still go out and invest today and bid, but only on new homes. Because not only are they then investing in their future assets and future wealth, they're investing in the nation's future assets and the nation's future wealth as well. So, this will make a big difference for young Australians. We want every young Australian to have the opportunity of having the security that comes with a roof a over their head. That's why these reforms are so important. We are grandfathering them so that if people have existing arrangements that they have gone into in accordance with the systems that are in place, we want to make sure that they kept that security and that is, I think, the right thing to do. But these changes will make a difference. They are aimed fairly and squarely at providing additional opportunity for young people to own their own home.

JOURNALIST: Prime Minister, Emily from Nine here. Just on Angus Taylor's tax proposal, it's probably fair to say that more people might be aware of the relationship between inflation and how much tax they pay. Following what he's put forward, do you think your WATO, or however you want to say it, does enough to limit the impact of how much tax people are paying based off their inflation? Do you think that's an adequate tool to combat that going into the future?

PRIME MINISTER: We have real tax cuts that are fully costed. What Angus Taylor has is a history of opposing tax cuts, not only opposing them in the Parliament, but going to elections arguing for higher taxes. And now he has something with a massive black hole in the funding. He couldn't even last 24 hours without his policy lacking credibility. Angus Taylor lacks credibility on tax, he lacks credibility on fuel. This is a guy who was Energy Minister who wanted our reserves kept in Texas, and who sat back and watched while fuel refineries closed on his watch. When it comes to housing, he was part of a government that didn't have a Housing Minister for a long period of time. It is little wonder that now in Australia we have three right wing parties all competing with each other. Angus Taylor being committed to fighting One Nation. And you know the Farrer by-election was a debacle. He rolled the Leader of the Opposition Sussan Ley before she even had an opportunity to give a single Budget Reply, didn't give her a fair crack at all. The boys, him and Andrew Hastie and James Paterson and all of them, met in a house in Melbourne on the day of the funeral of one of their former colleagues in order to plot to remove the first female Leader of the Liberal Party before she even had the opportunity to give a Budget Reply. Now I don't know what Sussan Ley would have said if she had the opportunity to give a Budget Reply on Thursday night. I suspect she mightn't have given a speech which drew a distinction between Australians and migrants. I suspect that she would have, as she had said before her removal when she went to the National Press Club and said as the new Leader of the Liberal Party that they had to move the party towards the centre. What we're seeing under Angus Taylor is that they're going so far to the right that they're dropping off, they're dropping off the spectrum of mainstream Australian politics. There is only one political party that's in the mainstream of Australia at the moment and that's the Australian Labor Party and I'm proud to lead it. Thanks very much.