Australian PM Highlights New Steps to Address Global Economic Uncertainty

Canberra (ANTARA) - Australian Prime Minister Anthony Albanese has highlighted new steps to protect his citizens from the “worst” economic uncertainty caused by the ongoing conflict in the Middle East.

In a speech at an automotive industry event on Wednesday morning local time, Albanese described the Middle East conflict as “another major shock hitting the global economy” in the 2020s after the COVID-19 pandemic and the Russia-Ukraine conflict.

“We want to ensure that we do everything we can to protect the Australian economy, households, and business world from the worst impacts of global uncertainty,” Albanese stated.

He also pledged to announce measures that the government will take in the coming days.

Albanese announced that he has arranged an emergency meeting with state and territory leaders on Thursday (19/3) to ensure that fuel from national reserves is distributed to the areas most in need, particularly regional communities, and emphasised the need for the country to build self-reliance.

“We must build a more resilient, independent economy aligned with our national strengths,” he said.

Earlier on the same Wednesday, Australian Finance Minister Jim Chalmers told the Australian Broadcasting Corporation television station that the 2026-2027 federal budget he will deliver in May will focus on inflation, productivity, and global economic uncertainty.