iscover 
The loans will be directed towards the transport, agricultural and freight sectors, along with fuel and fertiliser producers.
“These firms are not just being affected by this global crisis, they are essential to Australia getting through this crisis as well,” Albanese said during an address to the National Press Club in Canberra on Thursday 2 April.
“So our government will extend their credit to help them, and the farmers and producers who rely on these supply chains, to weather the storm.
“This is just another way we are acting to get ahead of issues.”
The funding, now called the $1 billion Economic Resilience Program, falls under the Government’s $15 billion National Reconstruction Fund.
The announcement follows the Prime Minister’s national address on Wednesday (1 April), where he urged Australians to conserve fuel and ease pressure on critical industries. He also said the government is working to reduce fuel prices and increase supply by strengthening international supply chains and boosting domestic fuel availability.
“The reality is, the economic shocks caused by this war will be with us for months,” he added.
Australia’s small- to medium-sized enterprises (SMEs) continue to face mounting pressure, particularly in sectors exposed to oil price volatility.
A recent study from credit reporting bureau CreditorWatch points to rising insolvency risks across multiple SME industries as a result of the fuel crisis.
Tax relief and payment system reforms
On Monday (30 March), Albanese also announced a temporary halving of the fuel excise on petrol and diesel for three months.
The measure is expected to cut fuel prices by 26.3¢ per litre, reducing the cost of filling a 65-litre tank by nearly $19.
On top of this, the Prime Minister announced a further cut to fuel tax through the return of GST windfall.
"This morning, importantly, we have reached agreement with the states and territories to deliver a further cut in the fuel tax, by returning their GST windfall to Australians…This will mean a combined saving of 32 cents on every litre."
In a separate announcement, Treasurer Jim Chalmers confirmed the federal government has extended the small business responsible lending obligations exemption by 10 years.
Initially introduced during the COVID-19 pandemic to stimulate SME lending, the exemption allows businesses to access loans without standard responsible lending assessments, provided there is a genuine business purpose.
It applies to eligible businesses with fewer than 100 employees or annual revenue of $5 million or less.
The government has also introduced targeted tax relief measures to further support businesses.
Additionally, the Reserve Bank of Australia has announced a series of payments system reforms designed to reduce costs for both consumers and businesses.
Read more about these reforms here.
Continued agenda
The Prime Minister also used the address to say that Australia must become more independent from global supply chains.
"We do not need to wait for this global crisis to be over, to learn its lessons," he said.
"We must act now to keep jobs here and create new ones, to strengthen our economic sovereignty, our energy security and our national resilience...so that Australia is not always the last link in the global supply chain that instead we stand on our own two feet,"
Albanese said Australia entered the current crisis in a vulnerable position and must better prepare for future economic shocks.
He added that the global energy crisis will not alter Labor’s broader economic reform agenda, with the May budget expected to remain focused on addressing inflation and restructuring the economy.
“There is no security in maintaining a status quo that doesn’t work for people,” Albanese said.
“Economic reform that... For our government, international uncertainty is not an excuse to delay, or hold back reform.
"It is the reason we must press ahead, because we will not generate the same prosperity or create the same opportunities if we continue to rely on an economic model designed in a different time and built for a more predictable world."
[Related: Cash rate will hit 4.85% this year: Westpac]
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