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.