Anthony Albanese has warned the ‘era of ever-expanding free trade is over’ as the Iran war batters global supply chains.

Speaking to the mining industry at the Minerals Industry Dinner, Albanese said the latest trade challenges were unlike traditional barriers or ‘sanctions tied to strategic competition’, in a veiled swipe at both the United States and China.

‘It goes deeper than that,’ he said.

‘This is about ongoing threats to the safety of global shipping routes, and the physical destruction of oil and gas infrastructure across the Middle East.

‘So, even if we were to wake up tomorrow to the welcome news that this conflict was over, there would still be a long economic tail to reckon with.

‘All of this underlines a simple reality. The stable, predictable world of ever-expanding free trade is gone – and it will not be returning any time soon.’

‘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.’