Australia news live: ‘weeks’ to restore production at Geelong refinery after blaze, Viva says; Chalmers warns of ‘big risks’ to inflation and growth

Meanwhile ACT independent David Pocock is calling for a 25% tax on gas exports to fund welfare and housing. Follow today’s news live Get our breaking news email , free app or daily news podcast Chalmers warns of ‘big risks’ to inflation and growth as global oil price jumps again The global oil price jumped by as much as 7.9% this morning as traders responded to fading hopes of a new peace deal that could end the US-Israel war on Iran and reopen the Strait of Hormuz. The big risks here are to inflation and to growth, and the key factors which will determine whether we get a bit more inflation or a lot more inflation, a bit less growth or a lot less growth, will be how long the war continues, how long it takes to reopen the Strait in an enduring way, and how long it takes for the global economy to get back to something which looks a bit a little bit more like normal. For markets, the weekend’s developments highlight that the path to the end of hostilities and a sustained ceasefire in the Middle East may not be straightforward. Over the next few weeks, and subject to plant inspection, the company expects to be in a position to … lift the production of diesel, jet fuel, and petrol to over 90% of capacity. Continue reading...