News and politics live: Albanese to decide on fuel excise extension as peace deal signed, Hormuz reopens

Thanks for joining us.

We will be back tomorrow with more live coverage of Australian news and politics.

In the meantime, read the latest edition of The Nightly.

Almost four months after launching his war against Iran, Donald Trump is heralding a peace deal to bring the costly and deeply unpopular conflict to an end.

Washington’s military operation alongside Israel has already cost billions of dollars, thousands of lives and harmed America’s global standing.

Ahead of the crucial US midterm elections in November, it’s also significantly hit the President’s standing with voters who are frustrated at higher living costs resulting from the global energy crisis that’s unfolded from the Middle East turmoil.

Just in time for his 80th birthday, and a much-hyped UFC mixed martial arts extravaganza at the White House, President Trump is keen to stress the Strait of Hormuz will soon open.

“The Deal with the Islamic Republic of Iran is now complete. Congratulations to all!” he wrote on social media.

“Ships of the World, start your engines. Let the oil flow!”

Both sides in the war have reportedly agreed to a 60-day extension to the current ceasefire, the reopening of the strait and the end of a US blockade that has stopped Iran from selling its oil.

The Financial Times reports Iran has reaffirmed it will not procure or develop nuclear weapons, and both sides have agreed to resolve the disposal of Tehran’s stockpile of enriched uranium under an agreed mechanism.

It’s a very different tone from what President Trump struck back in March when he declared there would be no deal with Tehran except “unconditional surrender!”

Read the full story here.

Opposition leader Angus Taylor says the globe is at a “turning point” following news of a peace deal after months of high fuel prices sparked by the Israel-US-Iran war and its de facto closure of the Strait of Hormuz.

Speaking in the Northern Territory on Monday, Mr Taylor didn’t directly answer about whether Australia’s fuel excise should be extended past June 30 to help motorists combat higher prices.

“Let’s see how this unfolds over the next few days,” he said.

“We are clearly potentially at a real turning point in what we’re seeing in the Middle East.

“That has the potential to have a real impact but we want to see lower prices at the bowser.

“I think that’s what all Australians want to see.

“I want to see lower prices. We all want to see lower prices, not just for fuel, but for energy more generally.”

Mr Taylor took the opportunity to criticise Anthony Albanese over breaking promises in his May Budget.

“I mean, he promises all sorts of things. You can never take him at his word. His word is not his bond,” he added.

The Prime Minister has paid issued a tribute to the family of a nine-year-old Perth girl who was killed while in Pakistan.

Anthony Albanese said the death of Hania Ahmed, who was fatally shot last week after local police mistook her family for armed robbers, needed to be “examined”.

“My heart goes out to the family and friends,” he said.

“Indeed the Pakistani Australian community will be really feeling this.

“A nine year old girl visiting Pakistan with her family should have been a time of joy, and these circumstances do need to be examined.

“My understanding is that, not only has a young girl lost her life, but there have been other members of the family injured as well in circumstances which are dire indeed.”

Prime Minister Anthony Albanese has defended his government’s decision to reform the NDIS to tackle the ballooning costs of the scheme.

Asked at a press conference in Canberra on Monday, Mr Albanese said the National Disability Insurance scheme needed to be “sustainable”.

He argued a recent three-day inquiry was enough to hear testimonies and collate submissions about the changes ahead of legislation passing.

“Labor created the NDIS. We’re proud of the NDIS. We want it to be sustainable,” he said.

“We’ll wait and see submissions, which are there. We will respond appropriately.

“We will make sure that people get assistance, and it doesn’t assist the process to unnecessarily concern people, not based upon the facts.

“We’ve made it very clear, and the Disability Minister Mark Butler made clear again just yesterday morning in an interview, people won’t be left without supports.

“We’re making sure that appropriate supports are there, including the supports aimed at young people, but we know that when we came into office, we inherited a 22 per cent annual increase in the NDIS.”

Anthony Albanese says he hasn’t decided on whether Australia will continue its commitment to the fuel excise to help motorists deal with the fuel price hike.

The Prime Minister says he will make a decision before June 30 on whether to extend the support, which helped after fuel supplies were impacted by the Strait of Hormuz’s closure earlier this year.

He warned that the flow of effects could continue for some time due to the nature of international supply routes.

“We need to remove the sea mines, which have been planted there. We need to make sure, as well, that the ships… are able to deliver their cargoes,” he said.

“That could be 30 days to their destination, then an unloading, then traveling back before any new supplies or fuel is able to be loaded onto those ships.

“So, whilst we want to see the conflict end, and we hope that that has occurred, we also want to be very conscious of the fact that that doesn’t mean that everything returns to normal in just a day or indeed a week or even a month.

“It will be at a minimum many months before things return to normal.”

“We’ll make our assessment over coming days.

“We obviously need to make a decision prior to June 30, and we need to do that in advance, obviously, of June 30, so people have appropriate notice.”

Anthony Albanese said Australia will continue to monitor the war in the Middle East and give “appropriate consideration” over assets in the region.

The Prime Minister welcomed Donald Trump’s announcement that America and Iran had struck a peace deal but said Australia would progress with caution.

“There won’t be deals signed until Friday, so we’ll continue to monitor these issues,” he said.

“The E7 (Wedgetail surveillance aircraft) has been really important for our friends in the United Arab Emirates, (we’ll) continue to give appropriate consideration there.”

“We’ll make an assessment over the coming period.

“Australia welcomes the agreement between the United States of America and Iran. We have called consistently for a de-escalation and for an end to this conflict.”

Anthony Albanese has congratulated the Australia Socceroos for their epic win over Turkey at the World Cup in Vancouver on Sunday.

Speaking in Canberra on Monday, the Prime Minister wished the team well during their upcoming game against the United States.

“Just a shout out to the Socceroos, an amazing game yesterday afternoon. I’m sure that people throughout Australia were watching and cheering on our team that were underestimated before the game against Turkey,” the PM said.

“It’s fantastic that so many Australians have traveled to North America to cheer on the Australian Socceroos team, and we look forward to the games against the United States and Paraguay, and then to the next round where things are looking pretty, pretty hopeful.”

US and Iranian officials say they have agreed on a deal to end their war, halt the US blockade of Iran and reopen the Strait of Hormuz, possibly leading to lower energy prices once oil shipments resume through the critical waterway.

Below is international reaction to the agreement:

A spokesperson for UN Secretary-General Antonio Guterres:

“The Secretary-General welcomes the announcement that the United States and Iran have agreed on a peace deal that provides for an immediate and permanent ceasefire, the reopening of the Strait of Hormuz, as well as a framework for further negotiations. This represents a critical step towards the peaceful settlement of the conflict.”

Joint statement from E4 leaders Britain, France, Germany and Italy:

“Iran must never acquire a nuclear weapon. We stand ready to work with the US, Iran and the IAEA to this end.”

Australian Prime Minister Anthony Albanese:

“The Australian Government welcomes the agreement by the United States and Iran. Australia has long called for de-escalation and an end to the conflict, including in Lebanon. As we have said, the longer this war goes on, the greater the impact will be. Continued restraint and constructive engagement will be essential to prevent further escalation and secure a lasting agreement.”

British Prime Minister Keir Starmer:

“We are clear that toll-free freedom of navigation must now be restored in the Strait of Hormuz ... Iran must never have a nuclear weapon.”

Read more.

The Australian share market has rocketed to an eight-week high and oil prices are plunging on news that the US and Iran have reached a peace deal.

The S&P/ASX200 gained 122.2 points by midday on Monday, to be up 1.39 per cent, to 8,926.2, as the broader All Ordinaries jumped 128.3 points, or 1.42 per cent, to 9,134.4.

Markets had been waiting for a breakthrough on the Middle East conflict for months, with easing energy costs expected to provide a tailwind for equities and risk sentiment, eToro APAC lead analyst Josh Gilbert said.

“That said, investors should tread carefully before getting too far ahead of themselves, because there is always a temptation in moments like this to chase the move,” he added.

“The deal isn’t actually signed until June 19th, the details are still thin, and this conflict has shown more than once that headlines can turn on a dime.”

Miners led the bourse higher, as the materials sector gained 3.9 per cent, with gold miners rebounding sharply.

The precious metal itself firmed to nearly $US4,315 ($A6,100) an ounce, bolstering the All Ordinaries gold sub-index by more than eight per cent.

Mega miners BHP and Rio Tinto rallied roughly three per cent each, despite fairly steady copper and iron ore futures.

Oil was the commodity fuelling market volatility, however, as Brent crude fell to $US83.69 a barrel, its lowest price since March 10 and in the second week of the conflict.

Read the full story.