Middle East Conflict Threatens Australian Inflation

0:00This is Cory with the story, and here's what is making news across Sydney right now. Treasurer Jim Chalmers has warned that the Middle East conflict could drive inflation above 5% in Australia, hitting living standards and costing billions in economic output if it drags on. Prime Minister Anthony Albanese plans to name a national fuel coordinator at Thursday's national cabinet meeting with state leaders as concerns grow. For potential supply disruptions in fuel, construction, and food sectors, state premieres like Chris Minnes and New South Wales and Jacinta Allen in Victoria are pushing for better diesel stockpiles with Minnes highlighting, risks to trucks, farms, and building projects. The Reserve Bank raised interest rates Tuesday due to inflation from last year, not the war, while opposition figures blame high government spending and call the latest warnings excuses. These leaders are drawing on COVID lessons to prioritize essential services and the government eyes refinery bailouts with oil shipment secure.

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