Australia plans $10B fuel security

Prime Minister Anthony Albanese has unveiled a $10.7 billion strategy to enhance Australia's fuel security as the conflict in the Middle East continues to disrupt global energy markets.

The plan involves the creation of a government-owned fuel reserve and significant investments in private storage facilities to protect against supply shocks.

While the package aims to ensure the nation's energy independence, critics argue the measures are 'five years too late' and do not address immediate price pressures at the pump.

The funding will be managed off-budget and is expected to be fully implemented by 2030.