A cargo container ship was damaged when it came under attack while transiting the Strait of Hormuz, operato...
Shadow frontbencher Andrew Hastie says the Middle East war and Australia's vulnerable position in the supply chain is proof the country needs to become more self-reliant.
"I think what have revealed is that Australia is a very trade-exposed nation," he said on an ABC radio live forum. "We've offshored a lot of our sovereign capability, whether it's advanced manufacturing, our refining capacity when it comes to liquid fuel, and other key things that we need as a country. "He called on the government to invest more in the country's manufacturing and production capabilities.
"Australians pay insurance for home contents, for health, for life, for their employment, for a whole range of things," he said. "Why aren't we as a nation investing more in our insurance so that when we hit hard times like we are at the moment, we can be more resilient? I think that's the task ahead of us. "Hastie has previously been vocal about Australia increasing its manufacturing output, making several social media posts on the topic last year.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Will Donald Trump's 'Project Freedom' reopen the Strait of Hormuz or reignite war with Iran?The US president is pledging to secure shipping through the jammed Strait of Hormuz. But 'Project Freedom' is a risky exercise that threatens to shatter a shaky ceasefire.
Read more »
US Declares End of Combat Operations in Iran, Focuses on Reopening Strait of HormuzSecretary of State Marco Rubio announces the conclusion of American combat operations in Iran, shifting efforts to reopening the Strait of Hormuz. The US urges global cooperation to maintain the waterway's security amid ongoing tensions with Iran, which has retaliated with drone attacks and threats of mining the strait. The blockade has caused economic strain worldwide, particularly for countries like Australia, while the US seeks a negotiated peace deal to address Iran’s nuclear program.
Read more »
US Declares End of Combat Operations in Iran, Focuses on Reopening Strait of HormuzSecretary of State Marco Rubio announces the conclusion of American combat operations in Iran, shifting efforts to reopen the Strait of Hormuz. The US urges global cooperation as civilian casualties and economic strain mount due to the blockade.
Read more »
Iran's Mosquito Fleet Disrupts Shipping in Strait of HormuzIran is using its fleet of small, fast attack boats to harass and disrupt shipping in the Strait of Hormuz, prompting the US to increase air power in the region. The so-called mosquito fleet, operated by the IRGCN, has a history of aggressive tactics, including swarming larger vessels and using hidden sea caves for rapid deployments.
Read more »
US and Iran Negotiate Fragile Truce in the Strait of HormuzIran's Revolutionary Guards' Navy promises safe transit as US President Donald Trump pauses military operations to seek a final peace deal, though threats of intensified bombing persist.
Read more »
Global Markets Surge as US-Iran Diplomacy Reopens Strait of HormuzGlobal stocks rally and oil prices tumble below 100 dollars as the US and Iran move toward a diplomatic agreement to end the blockade of the Strait of Hormuz.
Read more »