A now-or-never moment for the Albanese government

March 16, 2026 — 7:30pm

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As the war in Iran stretches into a third week, the economic consequences for Australia are intensifying.

The conflict’s disruption to global oil supplies is taking a mounting toll on household budgets. The price of unleaded petrol in Sydney has been above $2 a litre for a fortnight, with no relief in sight. As the fighting drags on, fuel rationing becomes ever more likely.

Meanwhile, soaring fuel costs are set to drive Australia’s inflation rate higher. That increases the chances the Reserve Bank’s monetary policy board will today raise interest rates for the second time in as many months, inflicting more financial pain on........

© The Sydney Morning Herald