IN FULL: Anthony Albanese speaks after National Cabinet meeting on fuel security | ABC NEWS

Australia remains steady at level two in our national fuel security plan that has been agreed to by the national cabinet. Australia's fuel supply outlook remains secure in the near term. However, we're working hard to prepare for contingencies in the event of supply disruptions in fuel and in fertilizer. I do want to acknowledge the good work of the states and territories in the whole nation working together, but importantly as well Australians who are doing their bit to, as the advertising campaign says, that every little bit helps and people are changing their behavior on a voluntary basis which is one of the reasons why we've seen the supply of petrol in particular go up to 46 days from where it was at, which is higher than it was on February 28 when this conflict began. The longer though that the war goes on, the more significant the implications for Australia will be, just like it's having an impact right around the world. My government will continue to work around the clock to shield Australians from the worst of the impacts. And in doing that, we're working with state and territories. But we're also, of course, working with the private sector, including the purchase or the underwriting of cargos through Export Finance Australia, of which we've now had six cargos of diesel that have had just a little bit over 300 million liters of diesel on their way to Australia as a result of the work that we've done there. And we'll continue to do what we can to see if there are further cargos that are available for purchase in the spot market. One of the discussions that occurred as well was the diversification of where our fuel's coming from. For example, the United States that traditionally has not been a big supplier has supplied about 18% at the moment. Argentina that was very small indeed is now into double figures and we've also been able to secure supply from Algeria. We'll continue to work to diversify where we can get fuel from and the key here is achieving supply. That is our top priority. The reality remains of course that the strait is still closed and it's been closed now for two months. We're in deeply tumultuous and turbulent global times and people are aware of that and can see that that is the case. We are doing what we can to alleviate this issue, whether it be getting additional supply or the decision that we made to cut the fuel excise that is saving people 32 cents in every liter that they purchase. We agreed that we'll meet again in a couple of weeks time. We want to make sure that we continue to be on the same page, that we work together and that that information is provided to states and territories. And I want to thank the premiers and chief ministers for getting together today in the national interest. I'll go to Minister Bowen then we're happy to take questions.

Happy to take a few questions.

No. What we are doing is continuing to concentrate on supply. We're looking of course across the board. Anything that we can do, any constructive proposals, we're open for dialogue. But what we are concentrating on at the moment isn't something that is time lengthy for obvious reasons. What we are doing is concentrating on supply. It is a pity that under the former government four out of the six refineries closed in Australia. It's also unfortunate that they chose to have their reserves in Texas. We reversed that and we had at the beginning of this global crisis we had the strongest reserves we've had in 15 years.

It's certainly not imminent. What we are doing is making sure that we continue though to be straightforward with people which is we are in uncertain times. Some of this is obviously dependent upon how long the war goes for. We're also being upfront to say that if the conflict ends tomorrow and the Strait of Hormuz opens tomorrow, then there is a time lag before the economic consequences of what has happened over the last two months flow through the system. It takes time to clear the strait to make it safe. It will take time for the ships that have been stuck in the Gulf to reach their destination to unload and then to travel back to receive more supply. So there will be a long economic tail here. But what we are doing is making sure as well that people are updated on a regular basis. That's how you build confidence. And it has been a good thing that the spike in demand that we saw at the beginning of this conflict from Easter on has been diminished substantially. So the sort of hoarding that I'm sure that your network like others showed utes and vans turning up at petrol stations and being filled up with jerry cans. That not only is not a sensible thing to do and the right thing to do, it's also potentially a dangerous thing to do to have a garage full of petrol rather than of toilet paper or very different products.

Yeah. Well, James Valentine was a much loved Australian, a musician who then went into broadcasting and was a warm, friendly and comforting voice. He is someone who was engaging to talk with and who Australians listened to and trusted. And he had a long and distinguished career. And I think right across the media world today will be mourning James Valentine as will people who, his family, his friends and particularly the family at the ABC. And James Valentine was someone who was always very good to talk with. He listened, he put forward his views. He was entertaining and he was uplifting as well which is why his recent health issues that he's gone through are so devastating for all those who knew him and loved him. He quite rightly received an Order of Australia award. He was someone who was most deserving of it. And today I just express my sympathy to his family and his many many friends and those who never met him but felt like they knew him because of the way that he engaged with them through the radio.