Jim Chalmers

And the key...

Factors which will determine whether we get a bit more inflation or a lot more inflation, a bit less growth or a lot less growth, will be how long the war continues, how long it takes to reopen the strait in an enduring way, and how long it takes for the global economy to get back to something which looks a little bit more like normal.

This is a very serious, very dangerous time for the world.

Now, Australia is better placed and better prepared than a number of other countries, but we won't be spared.

the fallout from this very substantial economic shock.

What is going on?

ABC Listen.

Podcasts, radio, news, music and more.

I'm really looking forward to it, Alan.

Thanks very much for the invitation.

Well, you've jumped right to the most important issue, obviously, Alan, which is fuel security.

We spend

really most of our day in different discussions, planning for a whole range of contingencies and scenarios.

What we're really dealing with here is the fifth big economic shock in less than two decades.

And this one has the potential to very severely disrupt supply chains for energy, for fuel, but not just that, fertiliser and cascading through our economy.

So a very serious crisis.

threat to our economy.

Now when it comes to the fuel security questions, I think what this is reminding us is that the energy transformation is a national security issue

You know, for people who believe, as we do, in the energy transformation, there are good economic reasons to do that.

Cleaner and cheaper energy is good for our economy, but it's also good for our national security to have more diverse sources of fuel.