CANBERRA, April 2 (Xinhua) -- Australian Prime Minister Anthony Albanese on Thursday announced the government will provide interest-free loans to fuel and supply chain businesses as the state and territories agreed to further cut the sales tax on fuel.
In a speech to the National Press Club in Canberra, Albanese said that the federal government will make one billion Australian dollars (688.3 million U.S. dollars) in zero-interest loans available to fuel and fertilizer producers and critical supply chain businesses affected by the economic impact of the war in the Middle East.
"These firms are not just being affected by this global crisis, they are essential to Australia getting through this crisis," he said.
Albanese said in the speech that Australia must respond to the oil supply crisis by acting immediately to strengthen economic sovereignty, energy security and national resilience by making the most of domestic resources and boosting local manufacturing.
"We can choose what we build together, so we come out of this stronger, more self-reliant and more resilient," he said.
Earlier on Thursday, the leaders of Australia's eight states and territories met and agreed to use their share of increased tax revenue from higher fuel prices to deliver a further cut to the fuel excise.
Albanese on Monday announced that the fuel sales tax would be halved from 52.6 cents per liter of petrol and diesel for three months and the state and territory leaders said on Thursday they would fund a further 5.7 cents per liter cut, taking the total reduction to 32 cents. ■