Australian treasurer, MP for Rankin since 2013
Oil prices are lifting inflation pressures while central banks hold rates at current levels. Recent data show jobs strength and firmer services costs, prompting caution on policy paths amid war-linked supply disruption.
The IMF has stressed that high oil prices and Middle East tensions threaten global growth, while the world’s two largest economies maintain dialogue. IMF officials say energy costs are lifting near-term inflation expectations but medium-term inflation expectations remain anchored, and financial conditions are still accommodative.
Australian Prime Minister Anthony Albanese has apologised unequivocally for comments made on the Bush Deep podcast in which he said he would marry, shag and date Kylie Minogue. The remarks have drawn criticism from opponents and support from some allies. The government defends its record on gender equality as scrutiny continues.
The conflict in the Middle East is intensifying as Yemen's Houthi rebels claim missile strikes on Saudi targets, prompting responses from Saudi-led forces and US officials. Washington is weighing strikes on Iran as the region sees a widening front, with naval blockades and interceptions shaping an increasingly volatile Red Sea corridor.
Fuel prices have surged amid Middle East conflict and shifting wholesale costs. RAC expects petrol at 160p per litre and diesel near 180p, with volatility likely to continue as geopolitics influence oil markets.