Anthony Albanese has declared that the “era of ever-expanding free trade is over” as global supply chains are being severely impacted by the ongoing conflict in Iran.

Addressing the mining sector at the Minerals Industry Dinner, Albanese highlighted that the current trade disruptions differ from traditional barriers or “sanctions linked to strategic competition,” subtly referencing both the United States and China.

“It’s more profound than that,” he remarked.

“This situation involves persistent threats to the security of global shipping lanes and the physical damage to oil and gas infrastructure throughout the Middle East,” he explained.

“So, even if we were to wake up to the welcome news of this conflict’s end tomorrow, the economic repercussions would linger for a long time.”

“All of this points to a straightforward truth: the stable, predictable world of ever-expanding free trade is a thing of the past, and it won’t be coming back anytime soon,” Albanese concluded.

He continued: ‘Over the years, I acknowledge that from time to time we’ve had our differences on policy, just as the companies in this room are not always on the same page as each other.

‘And because we do not have to agree on every aspect of every issue to build a constructive relationship, in the national interest.

‘That’s what matters – especially right now. In uncertain times, Australians expect all of us to put the national interest first, to put our country first.’