Australia news live: Ed Husic condemns ‘obscenely sweet’ gas deals; Anthony Albanese says national cabinet to discuss ‘long tail’ of fuel crisis

From 1h agoAlbanese warns economic shocks will have a ‘long tail’ due to Middle East conflictDan Jervis-BardyOn 7.30 last night, the prime minister, Anthony Albanese, said he would convene national cabinet in coming days to discuss the fuel crisis, warning of a “long tail” to the economic shocks from the Middle East conflict.The prime minister stressed there was no plans to move to the next stage of the national fuel strategy, which would involve interventions to preserve supply, but said he wanted to update state and territory leaders to ensure that “we all move together as one nation”.It will be the third meeting of the national cabinet since the US and Israel started bombing Iran on 28 February, sparking a new regional conflict and global energy crisis.Albanese reiterated his desire for a permanent resolution to the conflict and resumption of normal shipping through the strait of Hormuz.He said: double quotation markNo country is immune from the impact of this conflict, even though it’s happening on the other side of the world, it’s having a massive impact on the global economy. It’s having a human impact on people in the region, and that’s why we want to see a resolution. Albanese on Friday joined a virtual summit of world leaders – chaired by the UK and France – to discuss a plan to fully reopen the strait.He said another meeting was planned for later this week.The prime minister would not be drawn on whether the government would consider sending military assets to help secure the shipping lane but said Australia would “play a constructive role” in negotiations “as we always do in international affairs”.The prime minister, Anthony Albanese. Photograph: George Chan/AAPKey events46m agoGovernment discussing ‘range of opportunities’ to boost fuel security: PM1h agoAlbanese warns economic shocks will have a ‘long tail’ due to Middle East conflict2h agoWelcomeShow key events onlyPlease turn on JavaScript to use this featureDan Jervis-BardyInquiry into gas tax kicks off todayA parliamentary inquiry into the tax regime for gas companies will start on Tuesday as public pressure mounts on the government to use the 12 May budget to extract more revenue from the big multinationals.The Greens-led inquiry will hear from gas companies, environmentalists, economists and government departments among other witnesses during public hearings in Canberra on Tuesday and Wednesday and in Perth on Friday.A broad coalition of progressive politicians, trade unions, climate and civil society groups are campaigning for the government to introduce a flat 25% tax on gas export revenue to replace the Petroleum Resource Rent Tax (PRRT).The campaign has gained enormous traction online, with independent senator, David Pocock, social media influencer Konrad Benjamin (otherwise known as Punter’s Politics) and the Australia Institute thinktank credited with shifting the public mood on increasing taxes on LNG exports.David Pocock. Photograph: ParlViewBenjamin and the thinktank’s executive director, Richard Denniss, will open the inquiry’s hearings at 9am on Tuesday.The Treasury – which is due to give evidence on Wednesday – was last month asked to model a windfall profits tax and changes to the PRRT, fuelling optimism among advocates that the Albanese government was actively considering an overhaul.While the government has not ruled out changes, Guardian Australian understands the appetite for major interventions has diminished inside the government amid the global energy crisis sparked by the Iran war.The government does not want to create the perception that it is threatening future supplies of liquified natural gas to Asian trading partners at the same time as it is trying to shore up supplies of petrol and diesel from them.The inquiry will report on 7 May – five days before the treasurer, Jim Chalmers, hands down the budget.Tom McIlroyWong speaks to counterparts in Pakistan and LebanonThe foreign minister, Penny Wong, spoke with her counterparts in Pakistan and Lebanon overnight, discussing the Middle East war, peace negotiations with the US and Iran and closure of the strait of Hormuz.The calls follow similar conversations between Wong and the foreign ministers of Fiji and the Netherlands yesterday.Wong and Pakistan’s foreign minister, Ishaq Dar, discussed his country’s role in advancing de-escalation and ceasefire efforts, including hosting the first round of negotiations between the US and Iran in Islamabad.With Lebanon’s foreign minister, Youssef Rajji, Wong spoke about the need for the ceasefire between Israel and Lebanon to hold, for Hezbollah to be disarmed, and Australia’s support for Lebanon and its people.“We all want the negotiations to be successful, for an end to the conflict and for the strait of Hormuz to reopen so ships can pass safely and critical supplies can get where they’re needed,” Wong said. double quotation markI told Lebanon’s foreign minister that Australia welcomed the US-brokered ceasefire agreed by Israel and Lebanon and that we continue to call on all parties to adhere it. We want a negotiated end to the conflict, Lebanon’s sovereignty respected, and Hezbollah disarmed. Even with the ceasefire, we know global supply pressures will continue for some time to come. That’s why the Albanese government is working with regional partners to secure petrol, diesel and fertiliser supplies so that we can shield Australia from the worst impacts of the conflict. Shadow minister says Coalition’s new immigration policy doesn’t make it a ‘fringe party’Andrew Bragg, the shadow minister for housing, said the Coalition’s new immigration policy did not make the opposition a “fringe party”.Bragg is set to give a speech today, where he will reportedly link low levels of new housing with high migration, the Sydney Morning Herald reports. He was asked about his own comments in November where he said at the time linking the housing crisis to migration was “morally wrong”, and what had changed. He told RN Breakfast today: double quotation markNothing’s changed. As I would have said in November to you, it is an input on the demand side that is migration. And migration has been too high. Bragg went on to say any potential changes to the capital gains tax discount or negative gearing were a “gimmick” which would not solve any issues with housing supply.Andrew Bragg. Photograph: Mick Tsikas/AAPGovernment discussing ‘range of opportunities’ to boost fuel security: PMDan Jervis-BardyBack to the prime minister, who said last night the government was considering options to boost domestic fuel refining capacity as the Middle East conflict exposes Australia’s vulnerability to international supply chain shocks, but without specifying what the options might be.Australia imports up to 90% of refined fuel products and has just two operating refineries: Viva Energy’s refinery in Geelong – which caught fire last week – and the Ampol Lytton refinery in Brisbane.Asked if the government was weighing options to increase on-shore refining capacity, Albanese told 7.30: double quotation markWe will look at the full range of opportunities which are there. We’re very open to pursuing those. We’re engaging with the private sector in particular, and we’ll engage, of course, with state and territory colleagues. Ed Husic say next budget should have 25% tax on gas exports after companies given ‘obscenely sweet deal’ for too longLabor MP Ed Husic said the government should impose a 25% tax on gas exports as part of the upcoming budget, adding big energy companies had had a “sweet deal” for much too long.Husic spoke to the ABC this morning: double quotation markPeople think that a lot of these multinational gas companies have had an obscenely sweet deal for way too long and the country has been the poorer for it. And the idea that we would get a better deal on our gas is uniting people across the political spectrum … If it doesn’t happen in this budget, it’s not a lost opportunity, it’s a missed one. Husic went on to say that the issue speaks to the average person: double quotation markAverage Australians are right when they say, we’ve got so much of this resource and yet we’re being told we’re running out. We’re not. We just export so much of it. Ed Husic. Photograph: Mick Tsikas/AAP‘We want to see the oil flow,’ Penny Wong addsPenny Wong also spoke on Sky News about the fuel crisis and the Middle East, saying Australia wanted a negotiated settlement to the war.Speaking to host Andrew Clennell, she said the government was continuing to work to obtain fuel supplies.Wong said: double quotation markWe’re calling for a de-escalation along with the rest of the world and along with the United States seeking a negotiated outcome. We want to see the strait open, we want to see oil flow and we want to see relief for Australians at the bowser. She was also asked about Donald Trump’s attack on Australia last week for allegedly not doing enough to help the US in the Middle East.She said there had been no request from the US about helping to keep the strait of Hormuz open or blockaded but said that there had been a request for assistance of the defence of the Gulf countries.Penny Wong and Anthony Albanese. Photograph: Bianca de Marchi/EPAAlbanese warns economic shocks will have a ‘long tail’ due to Middle East conflictDan Jervis-BardyOn 7.30 last night, the prime minister, Anthony Albanese, said he would convene national cabinet in coming days to discuss the fuel crisis, warning of a “long tail” to the economic shocks from the Middle East conflict.The prime minister stressed there was no plans to move to the next stage of the national fuel strategy, which would involve interventions to preserve supply, but said he wanted to update state and territory leaders to ensure that “we all move together as one nation”.It will be the third meeting of the national cabinet since the US and Israel started bombing Iran on 28 February, sparking a new regional conflict and global energy crisis.Albanese reiterated his desire for a permanent resolution to the conflict and resumption of normal shipping through the strait of Hormuz.He said: double quotation markNo country is immune from the impact of this conflict, even though it’s happening on the other side of the world, it’s having a massive impact on the global economy. It’s having a human impact on people in the region, and that’s why we want to see a resolution. Albanese on Friday joined a virtual summit of world leaders – chaired by the UK and France – to discuss a plan to fully reopen the strait.He said another meeting was planned for later this week.The prime minister would not be drawn on whether the government would consider sending military assets to help secure the shipping lane but said Australia would “play a constructive role” in negotiations “as we always do in international affairs”.The prime minister, Anthony Albanese. Photograph: George Chan/AAPWelcomeGood morning and welcome to our live news blog. I’m Martin Farrer with the top overnight stories. Nick Visser will take the reins shortly.Anthony Albanese will convene the national cabinet again in coming days to discuss the fuel crisis, he told the ABC’s 7.30 program last night, as the government considers options to boost domestic fuel refining capacity.Penny Wong has also been speaking about the fuel crisis and the Middle East on Sky News, where she said Australia wanted a negotiated settlement to the war.