Australia politics LIVE: Anthony Albanese speaks at National Press Club after address to the nation

Paul Sakkal and James Massola wrote last night that the prime minister would today pledge $1 billion in interest-free loans for businesses struggling amid the oil crisis.

Here’s a taste of their story:

Under pressure to project leadership and calm after weeks of panic buying, Albanese will use the global oil shock to propel his vision to overhaul Australia’s economic model by subsidising critical industries and traditional manufacturers.

Albanese will pledge he is preparing his most ambitious budget, tying his manufacturing agenda to social cohesion and “progressive patriotism”, and opening the door for potential state investments in oil refineries and boosting the nation’s low fuel stock holdings.

While the prime minister’s Press Club speech was planned weeks ago, he decided this week to use the address to the nation to speak directly to voters about the war, opting for a sombre delivery that marked a significant change to more upbeat messaging earlier this week.

Read the full story here.

Hello and welcome to our live coverage of the prime minister’s National Press Club address.

Anthony Albanese is expected to speak to journalists in Canberra around 12.30pm, AEDT, before taking questions.

Brittany Busch will bring you the latest developments as the afternoon unfolds.