Nick Sherry (Tasmania, Australian Labor Party, Minister for Superannuation and Corporate Law) Share this | Hansard source

We do understand the global nature of the challenge. It does require both a global and a domestic response. At the G8 finance ministers meeting last weekend, which Mr Swan, the Treasurer, attended, he urged the G8 to take collective action to address what is a structural supply and demand imbalance in the global oil market. He joined with the G8 finance ministers in calling on oil producing nations to lift global supply. Fundamentally, price is a reflection of the supply squeeze that is being seen in the global world oil market at the present time. On the domestic front, this government has taken a number of initiatives— (Time expired)