The Reserve Bank’s deputy governor Andrew Hauser has warned Australia faces an inflation shock like the 1970s as a result of the Middle East oil crisis that will make the country poorer.
President Trump is confronting a crisis that is not bending to his narrative of a ‘pretty reasonable’ new regime in Iran and all-but-assured victory for the United States.
AARON PATRICK: The closure of most of Australia’s oil refineries over the past two decades left the economy dangerously exposed to a disaster like the one that hit Wednesday night.
THE NEW YORK TIMES: For much of the past two decades, China has maintained a delicate balance in its military relationship with Iran, offering often indirect assistance instead of arms sales.
Economists warn life is going to get much tougher for Australians before there’s any improvement, as Jim Chalmers concedes the budget he’ll hand down in less than a month isn’t the one he wanted.
Australia will boost its Defence spending by an extra $53 billion over the next decade, in an updated plan for how the Government will prepare for looming strategic risks set to be released by Richard Marles.
President Donald Trump has sensationally back-flipped on the US’ Strait of Hormuz blockade, claiming that it will remain ‘permanently open’ as China agrees to stop sending Iran weapons.
The gold-plated opulence of Brunei’s Royal Palace is probably the last place on earth the Prime Minister wants to be seen during a worsening cost-of-living crisis, as fears grow of a looming global recession.
The Sultan of Brunei has assured Anthony Albanese his oil-rich nation is not looking to impose any export restrictions on Australia as both nations share ‘deep concern’ over the Iran war.