Business

A surge in oil prices to as high as $US150 a barrel will trigger a global recession, the boss of the world’s biggest fund manager, BlackRock, has warned.

Fortescue founder Andrew Forrest is the first leader among Australia’s iron ore giants to publicly rebuke China’s state-run iron buyer for its tactics aimed at pushing down prices of the key commodity. 

Prosecco is in but ouzo is out. Parmesan, too, is safe but if you’re a fan of certain delicious cheeses such as pecorino romano there’s bad news.

Australia's most essential industries are exposed to major risks from the ongoing conflict in the Middle East, as surging oil prices weigh on economic growth.

From fuel vouchers to AI-powered price tracking, motorists are changing how they fill up as the fuel crisis bites.

Australian investors have welcomed news of a possible path to peace that will end a month of bombings across the Middle East, sending the S&P-ASX200 sharply higher.

Homegrown software giant Atlassian tumbled another 8 per cent overnight, although some investors think its 70 per cent collapse is overdone.

Markets excellent at pricing known risks are finding themselves ill-equipped to account for the uncertainty that comes from a war.

As Treasurer Jim Chalmers issued another grim outlook for the economy, BlackRock chief executive Larry Fink said an oil price of $US150 a barrel would probably lead to a “stark and steep recession”.

Japan could be open to a fuel-swap deal with Australia’s LNG but has cautioned Anthony Albanese against taxing oil and gas exports saying it could hurt the bilateral relationship. 

The S&P/ASX 200 share index rose 1.25 per cent and benchmark crude oil prices eased to $US96 a barrel after the US reportedly sent Iran a 15-point peace plan.

Australia expects to be buffeted by economic headwinds blowing from the Middle East, putting economic reform at the forefront of budget discussions.

ABC staff have downed tools for the first time in 20 years, fighting for an improved pay offer and better working conditions but a last minute decree by their managing director could see them forced back to work.

Treasurer Jim Chalmers vows May’s Federal Budget will have a substantial emphasis on lifting lagging productivity as Opposition Leader Angus Taylor claims Aussies could be $35,000 worse off without a fix.

Treasurer Jim Chalmers has conceded the Iran war will make Australia’s inflation challenge worse, and could be as damaging to the economy as the pandemic and the 2008 global financial crisis.