Australia Briefing

Energy Exporter Australia Faces Fuel Crunch

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A television station broadcasts US President Donald Trump and a map of Iran on the floor of the New York Stock Exchange (NYSE) in New York, US, on Monday, March 16, 2026. US stock futures edged higher and oil prices reversed an advance on hopes that more tankers will be able to traverse the Strait of Hormuz, with talks ongoing to ensure the waterway's security.Photographer: Michael Nagle/Bloomberg

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By Sharon Klyne

March 16, 2026 at 9:50 PM UTC

Welcome to RBA Tuesday where the central bank is widely expected to hike interest rates. As the war in the Middle East moves into a third week, President Donald Trump is appealing to other governments to help secure the Strait of Hormuz after severe disruptions to oil supplies and travel and resulting in rising inflation. Australia has ruled out deploying naval vessels to Hormuz, even though it is vulnerable to a growing energy shortage.

And locally, the government’s focused on fighting money laundering and scams amid reports that mortgage fraud at the country’s largest bank could be as much as A$1 billion. — Sharon Klyne, private credit reporter.