Middle East Conflict Hits Aussie Economy | Adelaide News

Australia braces for economic fallout as Middle East tensions escalate, with Treasury warning of rising fuel prices and inflation pressure. The government is weighing whether to extend the fuel excise discount, while global oil markets tighten due to attacks and low reserves. Treasurer Jim Chalmers urges lasting peace to ease inflation and growth pressures, as PM stresses prolonged conflict will hit the economy harder. With inflation data looming ahead of the Reserve Bank’s next rate decision, Australia also eyes a new WA oil refinery to shield against global shocks.

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