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March 12, 2026
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PETER STEFANOVIC: We're going to get back to the war in the Middle East now, and joining us out of Canberra is the Shadow Defence Minister James Paterson. James, it's good to see you this morning. There is a bit for us to talk about, so let's start off with this record oil release by the IEA overnight. How much do you expect that release to affect us here in Australia?
SENATOR JAMES PATERSON: Look, it's certainly welcome, Pete, but let's be clear, it'll have a modest and temporary impact on oil prices and therefore petrol and diesel prices for Australians. The only thing which will sustainably get those prices back down again is the Strait of Hormuz being open safely for a period of time, and that may not happen for some time.
PETER STEFANOVIC: So, but we're powerless, aren't we? I mean, we don't have a dog in that fight, really, so it's up to others, really, on that front, isn't it?
SENATOR JAMES PATERSON: Well, we're certainly not a direct participant in the offensive strikes against Iran, but I think it is appropriate that the government has provided the E-7A Wedgetail and personnel, as along with some air-to-air missiles, to help our Gulf state friends resist the Iranian incoming rocket and drone fire. One of the things which is keeping the straits closed is that incoming drone and rocket fire, and if we can help interdict that and prevent that from being a successful tactic, then that may contribute to the waterways around the Gulf being reopened sooner.
PETER STEFANOVIC: So, locally our farmers who feed the nation are running out of fuel and fertiliser in some parts. So, what needs to happen is a matter of urgency in your view?
SENATOR JAMES PATERSON: I think a lot of Australians feel like they're being gas-lit by this government. They're being told that there's nothing to see here, there are no problems, there are no disruptions, and if there are any issues, it's Australians' fault for wanting to buy too much petrol and diesel. I don't think that's a good approach. The previous government passed really significant legislation around fuel security, which give the Minister for Energy extraordinary powers that both gives him very good data set on where the fuel is and where the demand is and the shortages is, and he can use that to direct the companies to make sure the supply goes to where it needs to go, but also emergency powers if things get worse to really step into the market. Now, it's not clear from the data yet that those steps are necessary, but the government does have powers available to them to intervene. And let's not forget, it wasn't all that long ago when the Prime Minister was opposition leader that he was running around tweeting photos of billboards outside petrol stations saying that petrol at $1.78 a litre was a crisis caused by Scott Morrison following the war in Ukraine. So, really, he's got to take responsibility for the fact that petrol and diesel prices are far, far higher than they are today.
PETER STEFANOVIC: Would you be supporting a cut to the fuel excise?
SENATOR JAMES PATERSON: Look, that's a matter for the government, you can ask the Treasurer in a few minutes when he's on, whether he's contemplating that, they're the only ones who can actually deliver a cut in the excise and deliver that relief to Australians.
PETER STEFANOVIC: But I mean, is that something that you would support in the short term, though? Is it something that he should be considering, or do you fear that that's a band-aid solution that could lead to bigger problems down the track?
SENATOR JAMES PATERSON: I'm not going to get ahead of my colleagues or the government on this. If the government wants to give people relief by temporarily cutting petrol excise, they're free to do so.
PETER STEFANOVIC: The Treasurer's waving a big stick with potential increased fines now, and he has, of course, written to the ACCC to watch fuel companies. Is that enough, though? Because even as the price of oil drops from those record peaks, the price at the bowser remains the same.
SENATOR JAMES PATERSON: Well, it's like that famous movie where the UN Secretary-General writes an angry letter to a rogue state for their actions, and I think it's going to be about as effective. Hans Blix, I think, was the UN Secretary-General being mocked at the time. This has had no effect at all, the Treasurer's letter has been clearly ignored by the regulators and certainly by the petrol companies delivering these record high prices to Australians, and it will be cold comfort to Australians who are lining up and either can't get fuel or are getting it at an exorbitant price.
PETER STEFANOVIC: Just elsewhere this morning, James, Dennis Richardson has quit the Antisemitism Royal Commission. Have you got a thought on that this morning?
SENATOR JAMES PATERSON: Well, the Prime Minister told Australians that Dennis Richardson was the best qualified person in Australia to conduct this inquiry, and now he has resigned. This is a disaster for the credibility of the Royal Commission, and ultimately its findings and recommendations. A massive shadow has been cast over the Royal Commission. I think the Prime Minister needs to step in today and fix this. He needs to call Dennis Richardson and ask him to continue to serve the Royal Commission, and he needs to the call the Royal Commissioner and ask her to accommodate Dennis Richardson. Otherwise, this will be yet another betrayal of the Jewish community. We know the Prime Minister didn't want this Royal Commission in the first place, but now that he's finally been dragged kicking and screaming to calling it. He has to make sure it's a success, and I have grave concerns that it will not be a success if Dennis Richardson is not involved.
PETER STEFANOVIC: Ok, James Paterson, we'll leave it there. Thank you so much.
ENDS