Sacha Barbour Gatt

has been carved out for fuel companies to purchase and store even more stock, with the overall aim of that being lifting Australia's minimum fuel reserves by an extra 10 days.

So right now, refiners and importers only have to keep between 20 and 32 days of supply onshore.

But under this new plan announced overnight, petrol stockpiles will jump to 37 days every

Diesel and jet fuel, the stuff that keeps obviously our trucks and our planes moving, will hit 50 days.

So that is a significant increase.

Now, by building this buffer, the government, as you said, is hoping to shield our economy from future global oil shocks, which then flow onto the Bowser.

Now, this was a huge part of a shift the government had to take in response to the war in Iran.

It's only been going for 10 weeks, but this is a big announcement in the budget in response to that because we have seen people concerned about the security of fuel in this country.

You know, we've seen Albo and Penny Wong off on missions in Asia trying to secure fuel because we're at the very end of the supply chain for things coming over here.

We import most of our fuel.

We've only got two refineries here.

So interesting to see that this formed such a big part of the budget last night.

And also just on the Iran war, the government has taken a pretty bleak look at what, you know, effectively the budget's been shaped by potentially the worst of what could happen in terms of, we mentioned it in the intro with oil price doubling.

what that would do to inflation.

So there is quite a few caveats also around this budget because we don't know what is in the Iran war.

And watching the ABC report last night, their political reporter made this interesting point that the word uncertainty was mentioned 54 times in this budget.

So there are still a lot of question marks around what might happen in the coming years, depending on what happens in Iran.

Before we get back into our budget breakdown, it is time for an update on Australia's blood supply from Lifeblood.

Blood supplies are at concerning levels this week.

O negative is very low while O positive, A positive and A negative are all at low levels.