Jim Chalmers stays in the headlines as Australia’s treasurer steering budgets amid housing, inflation and energy policy debates. Bio: Labor MP for Rankin since 2013; Australia’s treasurer since 2022.
Australia is implementing new government-backed powers to support fuel and fertiliser imports as the Middle East conflict disrupts global supply. The government will underwrite private sector purchases to prevent shortages, with legislation expected soon. The move aims to mitigate rising prices and supply volatility caused by the ongoing war.
Australia is experiencing fuel shortages and rising prices due to the conflict in the Middle East and the closure of the Strait of Hormuz. The government has announced measures including halving fuel excise taxes and releasing reserves to support supply, but concerns about inflation and long-term impacts persist.
Israel and the UK see prices and rents easing in parts of their markets, while Australia faces affordability limits. Across regions, supply gaps and policy shifts are shaping buyer and renter behavior amid geopolitical tensions and rising rates.
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.