Australia’s Housing Crisis Set to Worsen on Iran War Fallout

Higher construction costs caused by the war in the Middle East could worsen Australia’s ongoing housing crisis and threaten the country’s ability to meet ambitious housing targets, builders and economists have warned.

A surge in oil prices since the start of the US-Iran conflict has resulted in cost spikes of as much as 40% for some materials in the building sector, which is heavily dependent on diesel for fuel.