Canberra: Australia is providing low-interest loans to support businesses after oil prices surged. Australian Prime Minister Anthony Albanese announced on Thursday that the government is preparing to allocate up to A$1 billion (approximately 24 billion baht) in interest-free loans to help essential businesses, such as transporters and fertilizer manufacturers, which are facing rising fuel costs.

According to Thai News Agency, the aid measures come as the war in Iran impacts global energy supplies, driving up oil prices and raising concerns about fuel shortages in Australia, which imports more than 80 percent of its domestic oil needs. This has led to panic buying in some regions, despite government assurances that there are sufficient reserves to meet demand.

Speaking at the National Press Club, Mr. Albanese said that no government can promise to eliminate the pressures of this crisis, but they can act as a buffer to mitigate the most severe effects and absorb the shock during times of global crises. He suggested that low-interest loans would be offered to businesses whose vital supply chains need to be maintained, enabling them to weather short-term financial pressures.

Australia's leaders have stated that this measure reflects the Labor government's focus on easing the burden of living costs, which will be central to next month's budget. They emphasized that it is a crucial budget, aiming for the highest possible targets to address the scale of the challenges facing the country.

Furthermore, the Australian government is preparing to accelerate the disbursement of A$5 billion (approximately 120 billion baht) from its Net Zero Fund to promote investment in clean energy supply chains and expand the production of low-carbon liquid fuels such as ethanol and biodiesel. The Prime Minister warned in a national statement on Wednesday that the economic impact of the war in the Middle East will last for many months and could continue to affect both households and businesses.

The Australian government had already implemented some relief measures, such as releasing gasoline and diesel from strategic reserves, halving the fuel excise tax, and temporarily relaxing fuel standards. Furthermore, on Thursday, states across Australia agreed to waive the Goods and Services Tax (GST) on fuel transactions to further ease the burden on motorists.