Full Story Newsroom edition: the PM goes prime time, but is he still going soft on Trump?
Apr 2, 2026
Patrick Commins, Canberra-based economics editor who explains policy and market impacts. Patrick Keneally, political commentator who dissects strategy and political motives. Gabrielle Jackson, journalist who examines social and political angles. They discuss the PM’s prime time national address, the politics of cutting the fuel excise, economic risks and recession scenarios, and Australia’s stance amid US-Iran tensions.
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Prime Minister Prioritised Reassurance Over Detail
- Anthony Albanese used a steady, low-key national address to reassure Australians rather than deliver detailed plans.
- Gabrielle Jackson and Patrick Keneally noted the speech prioritized calm over specifics despite limited fuel reserves and visible preparedness gaps.
Fuel Excise Cut Was Politically Quick But Economically Crude
- The halving of the fuel excise was politically fast and visible but economically blunt and inflationary.
- Patrick Commins and Patrick Keneally said it benefits higher earners, is easy to implement, and aims to keep consumer spending up amid recession fears.
War-Driven Supply Shocks Could Raise Inflation And Unemployment
- Economic fallout depends heavily on the war's duration and disruption to shipping routes like the Strait of Hormuz.
- Patrick Keneally cited Westpac modelling showing higher inflation and unemployment if supply disruptions persist months.