$11b for fuel stockpile; banks lead ASX higher; value of Aussie farmland surges
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What is the main topic discussed in this episode?
Welcome to Fear and Greed, business news you can use. Today, the federal government announces an $11 billion plan to boost Australia's fuel security. The ASX jumps after US President Donald Trump pauses action in the Strait of Hormuz.
What is the $11 billion fuel security package announced by Australia?
And the value of farmland across the country rises for a 12th successive year. Plus, JB Hi-Fi pushes harder into wearables and beauty products and the tech stocks that are doing better than the Magnificent Seven. It's Thursday, the 7th of May, 2026. I'm Juliette Sali from Ausbiz and good morning, Sean Alma.
Good morning, Juliette. I've got to ask you, day four filling in for Michael Thompson, you've got your day job at Ausbiz, your morning job with us.
How did the ASX respond to recent geopolitical events?
You must be tired. How are you enjoying it?
am actually enjoying it. You know what they say, when you have fun with your job, it doesn't really feel like work, does it? But it has been a busy week. And of course, the RBA this week, but we've had a lot ahead of the federal budget as well.
What factors contributed to the rise in Australian farmland values?
So let's get into the main story this morning. And Australia will develop a minimum 50-day supply of diesel and jet fuel reserves. and boost petrol supplies by an extra 10 days under an $11 billion fuel security package announced by Prime Minister Anthony Albanese yesterday. Now, following a meeting of the National Cabinet, the Prime Minister said the federal government would spend $3.2 billion to establish a state-owned 1 billion litre stockpile of diesel and jet fuel, and another $7.5 billion will go towards refiners and importers who will need to boost their minimum required stocks.
Some of the money will also be used to bolster stockpiles of fertiliser and will come in the form of loans, equity guarantees, insurance and price support.
What new markets is JB Hi-Fi exploring?
The bottom line, Juliet, over time, Australia will have a minimum 50 days of diesel and jet fuel and 37 days of petrol. Currently, the rules differ between importers and refiners, but neither need to have that much on hand. Energy Minister Chris Bowen yesterday said the government stockpile would prioritise regional needs and those of other essential uses such as heavy transport and mining in the event of another crisis. The package will be part of the federal budget due to be released next Tuesday night.
And of course, welcome really for a lot of those farmers that are doing it tough. We noted that pandemic, I should say diesel use, hasn't dipped and it didn't dip in the pandemic either. So obviously very much needed. And of course, the announcement adding to the growing detail about what is in next week's federal budget and perhaps unsurprisingly, Treasurer Jim Chalmers continually playing down whatever the media reports. News Corp reporting that the government's centrepiece for cost of living relief will be an earned income offset of between $200 and $300 for every person who gets a wage or salary and pays tax. It's a type of broad-based payment that many economists and the International Monetary Fund have warned against.
I know you spoke to Deanna Messina from AMP yesterday. She spoke to us as well. And she's one of these that has been warning against this.
Yeah, I mean, the payments across the board are certainly not targeted. And that's part of the problem in fiscal policy at the moment. What else do we know about the budget? There'll be changes to the 50% capital gains tax discount. Exactly how it works is still an unknown, but broadly, a new regime that provides for the discount only after the effect of inflation is taken into account is set to be introduced. There's been speculation that the government will introduce a minimum tax rate on trusts of 30%. That's covering thousands of small businesses or probably hundreds of thousands of small businesses and families, though farmers would be exempt. We know that the fringe benefit tax exemption for electric vehicles will stay for the next financial year and then it will be rolled back.
Of course, we've had the fuel excise. That's been cut at least until July. The budget, of course, comes down next Tuesday night at 7.30pm.
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Chapters
7 chapters
1
What is the main topic discussed in this episode?
0:00–0:15
2
What is the $11 billion fuel security package announced by Australia?
0:15–0:46
3
How did the ASX respond to recent geopolitical events?
0:46–1:01
4
What factors contributed to the rise in Australian farmland values?
1:01–1:46
5
What new markets is JB Hi-Fi exploring?
1:46–5:13
6
How will the upcoming federal budget impact fuel and energy policies?
5:13–7:56
7
What are the implications of the Reserve Bank's recent rate hike?
7:56–14:58
Speakers
2 identifiedMore from FEAR & GREED | Business News
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