Targeted support to deal with economic pressures from the Middle East   

“Targeted support to impacted industries, concessional loans and fuel reductions should help alleviate some of the acute supply chain pressures caused through the Middle East crisis,” said Innes Willox, chief executive of the national employer association, Australian Industry Group.

“A nationally coordinated approach, with support from the states to manage the consequences of disruption in fuel and industrial markets, is what is required as challenges change and grow in coming months.

“If and when industries are seriously impacted by the crisis – whether for fuel, fertiliser, plastics or other products – there will be a role for government to step in and support continuity. Today’s announcement on concessional loans is an important part of ensuring all tools are on the table.

“We are getting real time feedback from our members across the country and some of them are having to consider pretty serious ways to combat higher prices, deal with emerging gaps in supply chains and an unpredictable geopolitical environment.

“The Government has an unenviable task to deliver relief and support across the economy, which is already soft, without further fuelling inflation and forcing the Reserve Bank of Australia to increase interest rates, plus deal with a fiscal balance sheet that is already under strain.

“We will continue to work with the Government and agencies in a coordinated way to identify and deal with the growing risk for businesses, and jobs for the community – both of which are facing cost-of-living or doing-business pressures,” Innes Willox said.