The Prime Minister says the text is locked in - and once Cabinets approve it - it’ll mark Australia's first new alliance in decades.

Iran to keep blocking Strait of Hormuz, as oil prices surge
01:37

Fuel quality standards lowered for next 60 days to add a 100 million litres a month
01:37

Experts say oil prices will still rise despite a record release of emergency supplies.
02:37