Treasurer Jim Chalmers has summoned the nation's top financial regulators for an urgent briefing to fortify Australia's economic resilience against escalating volatility in the Middle East.
Convening a special meeting of the Council of Financial Regulators, Chalmers addressed the potential systemic risks stemming from the US-Israel conflict with Iran.
The high-level talks included Treasury Secretary Jenny Wilkinson alongside senior leaders from the Reserve Bank of Australia, the Australian Securities and Investments Commission, and the Australian Prudential Regulation Authority.
The Australian Competition and Consumer Commission and Assistant Treasurer Daniel Mulino also joined the deliberations to assess the dual threats of financial instability and energy price shocks.
Chalmers detailed the federal government’s proactive measures, including the appointment of a dedicated Fuel Supply Taskforce Coordinator to manage interstate distribution.
The government has authorised the release of up to 762 million litres of petrol and diesel from national reserves.
The ACCC is investigating potential anticompetitive behaviour among fuel providers to protect consumers from predatory pricing.
Despite the global tension, Chalmers emphasised that the "clear message" from regulators is that Australia's financial system remains "strong and resilient."
The assessment aligns with the RBA's recent Financial Stability Review, affirming the nation's capacity to navigate global shocks.