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Latest news: Economy, Business and Finance

Oil crisis not over: warnings of diesel over $4 a litre

Oil crisis not over: warnings of diesel over $4 a litre

With the Strait of Hormuz still shut and stockpiles running down, economists warn fuel prices could spike above levels previously seen during this oil crisis.

Trump pauses effort to escort ships in Strait of Hormuz

Trump pauses effort to escort ships in Strait of Hormuz

Trump pauses effort to escort ships in Strait of Hormuz

Trump pauses effort to escort ships in Strait of Hormuz

Donald Trump says the US initiative to secure shipping through the Strait of Hormuz is being paused to see if an agreement with Iran can be finalised.

'A joke': Fortescue founder takes on diesel tax credit

'A joke': Fortescue founder takes on diesel tax credit

'A joke': Fortescue founder takes on diesel tax credit

'A joke': Fortescue founder takes on diesel tax credit

A campaign to wind back the diesel tax credit for big mining giants has been given fresh legs by Andrew Forrest, chair and founder of iron ore giant Fortescue.

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Hantavirus-hit cruise ship to head to Spain

Hantavirus-hit cruise ship to head to Spain

Spain is allowing a cruise ship hit by hantavirus and three deaths to dock in the Canary Islands, as authorities investigate if transmission occurred on board.

Consumers hang tough despite echoes of COVID headwinds

Consumers hang tough despite echoes of COVID headwinds

Economic echoes of the post-COVID-19 period indicate global volatility will not break Australia's hunger for credit, lowering the odds of recession.

'Downside risks': warning as state debt edges to $200b

'Downside risks': warning as state debt edges to $200b

A $200 billion state budget debt bomb remains live and ticking as a long-time Labor government favours cost-of-living measures for struggling families.

Third RBA rate hike might not be the end for borrowers

Third RBA rate hike might not be the end for borrowers

Mortgage holders are back to square one after a third straight Reserve Bank rate hike, adding hundreds of dollars more to interest repayments since February.

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Aussie shares trim losses but higher rates here to stay

Aussie shares trim losses but higher rates here to stay

Aussie shares trim losses but higher rates here to stay

Aussie shares trim losses but higher rates here to stay

The Australian share market fell to a four-week low ahead of an expected interest rate hike, a clear RBA majority decision pointing to higher rates for longer.

Inflation, growth, rates all hinge on end to conflict

Inflation, growth, rates all hinge on end to conflict

Inflation, growth, rates all hinge on end to conflict

Inflation, growth, rates all hinge on end to conflict

The central bank, which raised interest rates on Tuesday, has released its latest set of quarterly economic forecasts and the news is not great.

Big bank warns of recession risk as uncertainty lingers

Big bank warns of recession risk as uncertainty lingers

Big bank warns of recession risk as uncertainty lingers

Big bank warns of recession risk as uncertainty lingers

The head of Australia's second-largest bank is more worried about businesses delaying investment decisions than the impact of higher interest rates.

Stalled methane fight risks climate, energy security

Stalled methane fight risks climate, energy security

Stalled methane fight risks climate, energy security

Stalled methane fight risks climate, energy security

Concerted efforts to curb methane from fossil fuel production in Australia and around the world could benefit both the climate and energy security.

Follow-up talks to put 'flesh on bone' of Japan deals

Follow-up talks to put 'flesh on bone' of Japan deals

Follow-up talks to put 'flesh on bone' of Japan deals

Follow-up talks to put 'flesh on bone' of Japan deals

A raft of fresh agreements struck between the Japanese and Australian leaders will be incremental but important, analysts say.

Shares off to shaky start ahead of interest rates call

Shares off to shaky start ahead of interest rates call

Shares off to shaky start ahead of interest rates call

Shares off to shaky start ahead of interest rates call

Energy, utilities stocks and consumer staples have dipped as investors take profits and mull the latest plan to ease the shipping logjam in the Hormuz Strait.

Australia turns to Japan to help soften 'global shocks'

Australia turns to Japan to help soften 'global shocks'

Australia turns to Japan to help soften 'global shocks'

Australia turns to Japan to help soften 'global shocks'

Australia will be less vulnerable to global events such as the fuel crisis after signing a series of agreements with Japan, Anthony Albanese says.

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'Pressure on Iran': foreign minister urges peace deal

Penny Wong has welcomed plans by the US to escort ships through the Strait of Hormuz, while urging America and Iran to strike an agreement.

Aussies losing almost $5b in unpaid super every year

One in four Australian workers have been deprived of superannuation payments by employers, which could have a huge impact on their retirement nest egg.

Economic hawks eye restraint in pre-election budget

Business and economic leaders are warning against an election-year spendathon as a state treasurer prepares to hand down her second budget.

Most Aussies ready to withstand another rate hike: NAB

The majority of business and retail customers have solid buffers and will be able to deal with an anticipated interest rate hike, a big four bank says.

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Booze giant eyes job cuts, as consumers curb thirst

The owner of Dan Murphy's and BWS bottle shops has hinted at job cuts - or "labour efficiencies" - as it tries to buffer its business from the Middle East war.

Budget to address 'immediate needs' of households: PM

The upcoming federal budget is widely tipped to pare back incentives for property investors as the prime minister promises to tackle intergenerational inequity.

Close call tipped as Reserve Bank mulls third rate hike

Traders and economists expect the central bank to raise interest rates for a third straight meeting but high uncertainty could result in another split decision.

Fiscal restraint to define federal budget as costs rise

Health, defence and welfare commitments are among fiscal pressures weighing on the federal budget as Treasurer Jim Chalmers vows to put a lid on spending.

Australian shares snap eight-session run of losses

The ASX has ended the week on a positive note, buoyed by strong US earnings despite ongoing uncertainty over the Gulf energy crisis.

Rail service slashes weekday trains during union fight

Commuters in an Australian capital are set to be hit by reduced weekday train services due to industrial action on the state network.

Clean up AI or go away: rules proposed for data centres

Artificial intelligence companies should promise they have not broken the law before building a data centre in Australia, an inquiry has been told.

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