Oil Prices Soar, Australia Feels the Pinch

0:00This is Sydney News Today, every story, every sitting, every day. Tensions in the straight of Hormuz are shaking up global oil markets and hitting Australia hard. Recent U.S. and Israeli strikes on Iran led Tehran to threaten shipping through this key waterway and hit refineries in Saudi Arabia and Qatar, that pushed oil prices above $110 a barrel over the weekend, rattling markets everywhere. The straight sits between Iran and Oman at the Persian Gulf's mouth, carrying a huge share of the world's oil and even fertilizers. Any blockade or disruption means higher costs down the line for fuel, transport, and food prices here in Australia. Australians are already battling inflation, so this spike adds real pain at the bowser and checkout. It piles pressure on federal treasurer Jim Chalmers and his Victorian counterpart Jacqueline Simes, who face calls to tackle government spending in debt. Without delay, Chalmers is eyeing major tax reforms. The first big ones in 26 years since the Howard era.

1:02He wants to boost wages over assets, fix intergenerational fairness, and tweak things like capital gains in super taxes, with possible green support, in the Senate. Much hinges on Middle East developments beyond his control, but with growth shaky and stack inflation risks rising, Chalmers must cut spending by May, 12th, and show bold leadership for the country's future. Thanks to our sponsor for supporting today's coverage. If sleep podcasts are your thing, this is your pillow, bill for comfort and calm, S-O-L-I-S-O-L-Pillow.com.