The impact of the Iran war on the economy will be felt for months — Australian Prime Minister

Australian Prime Minister Anthony Albanese has stated that the economic instability caused by the conflict with Iran could last for several months. This was reported by the BBC.

 

The Prime Minister emphasized that the conflict has led to the largest historical increase in fuel prices, which is already putting pressure on household incomes.

 

"Australia is not involved in this war, but everyone is paying the higher prices as a result of it," said Albanese.

 

According to reports, fuel prices have risen sharply worldwide against the backdrop of the war between the US, Israel, and Iran, and the effective closure of the Strait of Hormuz.

 

Albanese acknowledged that a difficult period lies ahead, noting that the government cannot fully protect the population from global economic pressures.

 

At the same time, the government announced temporary measures: the fuel excise will be halved, and road user charges for heavy vehicles will be suspended for three months.

 

Furthermore, measures are being taken to strengthen domestic supply and increase fuel imports.

 

The Prime Minister called on citizens to use fuel rationally and recommended using public transport as much as possible.

 

He also advised against panic buying. Concluding his address, he called for national unity, stressing that Australia would overcome global challenges "together and in its own unique way."