Australia’s petroleum industry is warning the two remaining refineries in Queensland and Victoria are still at risk of closing down despite more generous Federal Government subsidies.
An email from a major plumbing supplier in Australia, obtained by The Nightly, has told tradies prices are soaring due to the conflict in the Middle East as the cost crisis expands.
Most economists still expect Australia to avoid a recession, but government debt costs are now at 15-year highs as bond traders price in a stormy economic outlook.
Energy analysts suggest the Middle East war’s upcoming consequences of global oil and gas supply shortfalls could spell much higher prices than those quoted this week.
Most Australian households have built up their mortgage buffers to ride out the impacts of higher interest rates and escalating tensions in the Middle East, according to the Reserve Bank.