Following a meeting of the National Cabinet today convened by the Prime Minister, the Australian Government will halve the fuel excise on petrol and diesel for three months.

The halving of the fuel excise will reduce the cost of fuel by 26.3 cents per litre.

This will reduce the cost of a 65L tank of fuel by nearly $19.

The spike in fuel prices as a result of the war in the Middle East is hurting Australians and causing financial stress. This will help to provide some relief.

The halving of the fuel excise will commence from April 1 and run to 30 June.

The Prime Minister convened a virtual National Cabinet meeting today to discuss Australia’s national, coordinated response to support our fuel security and supply chain resilience in light of the ongoing conflict in the Middle East.

First Ministers acknowledged the conflict is contributing to heightened volatility in global energy markets, with flow-on impacts for domestic supply chains and prices. Leaders noted the situation remains dynamic and evolving, underscoring the importance of governments being well-prepared for a range of potential scenarios.

Shlama lokon.

I begin by acknowledging the traditional owners of the land on which we meet, and I pay my respects to Elders past, present and emerging.

And today we celebrate the indigenous people of Iraq – the Assyrian people.

I’d also like to acknowledge Hermiz Shahen, President of the Assyrian National Council, representatives of the Assyrian Church of the East, and my colleagues from across Parliament.

It is with great pleasure that I wish you a happy Assyrian New Year. 

I want to acknowledge my dear friend, His Eminence Archbishop Makarios, for his leadership of this community and for his ongoing contribution to our nation.

ANTHONY ALBANESE, PRIME MINISTER: Good morning. Firstly, if I can make some comments about Tropical Cyclone Narelle, because it's been a really tough night for so many people in Western Australia. Please continue to look after each other. The system's been downgraded, but it is still dangerous and the aftermath of heavy winds and rainfall is continuing. We're in touch regularly with the WA Government and stand ready to assist with the recovery. And can I just give a big shout out to the emergency service workers.

The Albanese Government is acting to shield Australia against any future fuel supply chain disruptions, by establishing new fuel security powers, enabling government to work with fuel suppliers to keep fuel flowing to Australia.

Next week the Government will introduce amendments to the Export Finance and Insurance Corporation Act, formalising the Commonwealth’s ability to underwrite additional cargoes and other vital strategic reserves as needed. 

ANTHONY ALBANESE, PRIME MINISTER: Good morning. Firstly, can I make some comments about Severe Tropical Cyclone Narelle. It's currently a Category 4 and currently impacting the West Pilbara coast with severe impacts extending to the Gascoyne Coast. We are of course still seeing the lingering effects in Northern Australia, particularly the Northern Territory, which is still dealing with the damages from floods. My Government of course stands ready to assist state and territory governments, but also local government at this time.

ANTHONY ALBANESE, PRIME MINISTER OF AUSTRALIA: It is an absolute pleasure to welcome my friend, the President of the European Commission, Ursula von der Leyen, to Australia on her first visit as president. We are so pleased that you will address our parliament today – a historic occasion. There have been 20 leaders address joint sittings of the Australian Parliament, but you will be, Madam President, the first woman to do so.

President von der Leyen.

My friend.

On behalf of the people of Australia, it is my great honour and pleasure to welcome you and your delegation to our National Parliament.

You will shortly become one of only a handful of international leaders to have addressed our Parliament, adding your name to short list that, among others, includes President Obama, Prime Minister Modi, President Widodo, President Xi and Prime Minister Abe.

The Australian Government is set to begin treaty negotiations on association to Horizon Europe, which will give Australian organisations access to the world’s largest pooled research fund in 2027.

Horizon Europe is the European Union’s flagship research and innovation funding program worth $155 billion (AUD).