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Chris Bowen says petrol reserves won’t ease shortages straight away

Adeshola Ore

The energy minister, Chris Bowen, says it will take “some time” for the petrol and disesel released from Australia’s domestic stockpile to reach areas hit by shortages.

On Friday, the Albanese government directed fuel companies to release nearly a fifth of reserve petrol and diesel supplies. Dozens of service stations across the country have run out of petrol as retailers struggle with customers panic-buying in response to skyrocketing prices from the Middle East conflict.

In an interview with ABC’s 7.30 last night, Bowen said companies had assured the government the released supply would reach regional areas:

double quotation markThere will be some time for it to flow through. There’s a very complicated supply chain.

But it is going to have an impact. Some companies have said it will start to have an impact in coming days, to some degree. But there will be some time before it’s all released.

Key events

Taylor hammers energy minister over fuel prices, but doesn’t offer solutions

Opposition leader Angus Taylor is continuing to hammer the federal energy minister, Chris Bowen, over rising fuel prices this morning.

Taylor said the government “absolutely should have” taken more actions to rein in energy prices amid the fallout from Iran’s effective closure of the strait of Hormuz. He told RN Breakfast:

double quotation markLast week, on Tuesday, there was no problem at all. By Thursday, it was a national crisis. He simply hasn’t been on top of it. The result is out here in regional areas, we’ve got farmers and truckies and others deeply concerned.

Taylor was asked about Bowen’s point that petrol prices reflect global oil prices, which are set by the market. The federal government has maintained for days that Australia is well placed to weather the economic turmoil linked to the Middle East, including the recent release of about 20% of the country’s fuel reserves.

The opposition leader said:

double quotation markOf course, but shortages are not part of that. And there’s a role for the government to play in dealing with shortages.

Taylor didn’t suggest how the Coalition would do things differently.

Labor widens crackdown on dodgy immigration agents

Tom McIlroy

The federal government is expanding its crackdown on dodgy immigration agents, toughening ethical standards and training requirements for the industry, with one agent losing their registration after 20 years for supplying misleading information on visa applications.

Julian Hill, the assistant minister for citizenship and multicultural affairs, said the changes are designed to ensure would-be visa holders receive only high-quality immigration assistance.

Changes due to come into force from 1 April include updates to the list of providers who can deliver the mandatory courses required for registration for new providers. Existing operators will have to undergo new training in ethical standards and obligations under the code of conduct.

Hill said 61 agents have been sanctioned for breaches since 2021/22.

double quotation markWhile most registered migration agents act with professionalism and integrity, those who engage in wrongdoing will be caught – it’s not a matter of if, but when. Anyone concerned about agent behaviour is encouraged to raise a complaint.

One veteran operator had their registration cancelled for five years due to significant breaches of the code, includinging knowingly supplying false and misleading information in visa applications and using templated statements that didn’t reflect each applicant’s individual circumstances.

Good morning, it’s Nick Visser here with you again to see what the day in breaking news holds. Let’s get to it.

Tougher penalties and new offence for hate crimes against LGBTQ+ community in NSW

Penry Buckley

The NSW government will today introduce measures it says will toughen penalties and lead to more prosecutions for hate crimes against the LGBTQ+ community.

They include a new offence which responds to a series of attacks revealed by an ABC investigation, some allegedly IS-inspired, in which teenagers lured victims on dating apps before robbing or assaulting them, in some cases filming them.

The offence for procuring a person by making false or misleading representations with the intent of committing a serious assault or robbery will not only apply to offences against the LGBTQ+ community.

Under the changes, existing “post and boast” offences for when criminals share footage of their crimes online will be expanded to cover serious assaults and robberies committed against members of the LGBTQ+ community.

The sentence for threatening or inciting violence on the grounds of a protected attribute such as sexual orientation or gender will be increased from three to five years, but the government has not moved to expand a controversial offence for inciting hatred on the grounds of race to include gender identity or sexuality. The government has been sitting on a six-month review to determine if the laws should be expanded, which was tabled in November.

The NSW premier, Chris Minns, says:

double quotation markThe attacks we have seen targeting members of the LGBTQIA+ community are sickening and completely unacceptable.

These laws send a clear message that if you target someone out of hatred, or try to lure someone into harm, you will face serious consequences.

Reserve Bank poised to hike rates at 2.30pm

Patrick Commins

The Reserve Bank board is widely expected to increase rates at 2.30pm today amid a global energy shock that threatens to push inflation towards 5%.

A hike would take the RBA’s cash rate target from 3.85% to 4.1%, marking the second consecutive increase after the February move.

If the economists and analysts are right, someone with a $600,000 mortgage and 25 years will see their repayments rise by another $91 a month.

Central bankers worldwide are recalibrating their plans after a broadening Middle East conflict that has sent petrol prices soaring and triggered fears of fuel shortages.

The RBA would normally look past a short-term hit to energy prices.

But inflation is already elevated at 3.8% – well above the bank’s 2-3% target – and that has left the central bank with little wriggle room and worried that rapid price increases will start to become embedded in Australia’s collective psyche.

Economists will be looking at whether the decision was unanimous, and for any indication in the board’s statement and Bullock’s press conference (at 3.30pm) that there could be a third straight hike at the May meeting.

Chris Bowen says petrol reserves won’t ease shortages straight away

Adeshola Ore

The energy minister, Chris Bowen, says it will take “some time” for the petrol and disesel released from Australia’s domestic stockpile to reach areas hit by shortages.

In an interview with ABC’s 7.30 last night, Bowen said companies had assured the government the released supply would reach regional areas:

double quotation markThere will be some time for it to flow through. There’s a very complicated supply chain.

But it is going to have an impact. Some companies have said it will start to have an impact in coming days, to some degree. But there will be some time before it’s all released.