War in Middle East Hits Aussie Economy Hard

0:00It's April 9th. This is Adelaide News Today, powered by AI, I'm Cory with the story. New IMF research drops a harsh truth. Wars hit economies harder than financial crashes or massive natural disasters, with damage lingering up to a decade. In the Middle East, that fragile two-week truce just collapsed less than a day in. After Iran shut the Strait of Hormuz following Israeli strikes on, Lebanon, shipping traffic plummeted from 135 vessels a day to just three. All prices spike right back up to around $97 US dollars a barrel from a low of $90.60, and analysts see more upside. Risks ahead. North Sea oil cargos are fetching $20 above benchmark, showing how tight supply stay if the Strait remains closed. Australians are feeling the burn, with this fueling stubborn inflation and dashing hopes for relief from the reserve bank. More confidence sits near rock bottom at 62.3, even after a slight bump from fuel

1:00excise cuts. Businesses, especially builders on fixed contracts, are swallowing huge jumps in material costs like PVC pipes up over 30%. Disruptions ripple through fuel, fertilizers hitting food prices, and even helium for chips, adding up to 0.4 percentage points to consumer. Prices over two years from a 10% oil hike, experts urge restocking fuel now and building resilience, since no one trusts this pause to hold. Treasurer Jim Chalmers nails it, saying Aussies are held hostage by Middle East chaos, and a real end to the war can't come fast enough to ease these, global scars.