Australia dealing with 'the largest energy shock in our history'
In an interview on ABC Radio National this morning, Albanese government minister Tim Ayres addressed the ongoing tensions in the Strait of Hormuz and their impact on Australia’s energy security.
Overnight, a US navy ship fired upon a vessel it claimed attempted to breach a blockade imposed on Iranian ports. Iran has vowed to keep the Strait of Hormuz closed until the blockade is lifted.
When asked about the Australian government’s level of concern regarding the situation in this critical shipping route, Ayres stated:
“It’s a very volatile situation, to say the least.
That’s why the Australian government’s been calling for de-escalation and a cessation of hostilities and why we’ve been working so hard on these fuel and fertiliser security questions, not just here in Australia, but in the region, to do everything that we can, to provide a shock absorber, to cushion Australia and Australians from as much of … what is clearly the largest energy shock in our history.”
Ayres sought to temper concerns about the immediate effects of the conflict escalation on fuel prices in Australia, noting:
“It’s important, I think, not to focus on the, the daily see-sawing of activity.
Because events are moving very fast and our job here as the Australian government is to focus on what it is that we can do in fuel security terms now, but also to invest in the future, to build energy resilience in Australia and build our industrial capability, to shape a future that makes Australia more economically resilient and stronger.”
He declined to confirm whether the government would extend temporary measures such as changes to the fuel excise and the heavy vehicle road user charge aimed at cost of living relief.
Geelong refinery to resume near-normal production after major fire
Viva Energy, owner of the Victorian oil refinery damaged by a significant fire last week, announced it expects to restore fuel production to approximately 90% of normal capacity within the coming weeks.
The company, which operates the Shell brand in Australia, confirmed it will resume trading on the ASX today and provided shareholders with an estimated timeline for repairs.
The Geelong refinery, one of only two remaining refineries in Australia, supplied about half of Victoria’s fuel prior to the fire.
The fire, which raged for 13 hours, caused jet fuel and diesel production to drop to 80% of normal volumes and petrol production to fall by 40%.
In a statement posted on the ASX, Viva Energy said:
“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.
The refinery is then expected to continue production at these levels until repairs are completed.”
The company also indicated it would begin a thorough assessment of the duration and financial impact of returning to “fully optimised production” this week.
Additionally, Viva Energy stated it would conduct a comprehensive investigation into the cause of the fire.
NSW firefighters investigate high school fire in Lake Macquarie
Fire and Rescue NSW (FRNSW) responded to a blaze at Glendale Technology High School on Clare Street just after 1am. Upon arrival, firefighters found the two-storey building “well alight.”
Investigations are underway to determine the fire’s cause.
Firefighters contained the fire earlier this morning using numerous hose lines and a cherry picker. Crews remain on site, according to FRNSW.
The fire caused a partial collapse of the building. No injuries have been reported, as per ABC reports.
Students planning to attend the school have been advised to check their usual communication channels for updates and to contact the school directly for further information.
FRNSW Chief Superintendent Terry Farley is scheduled to hold a press conference at the scene around 9am.
Nationals confident of winning Farrer byelection, McKenzie says
The Nationals senator Bridget McKenzie expressed confidence that her party “absolutely” has a chance to win the Farrer byelection, scheduled in less than three weeks.
The byelection was triggered by the retirement of long-serving Liberal MP Sussan Ley in the New South Wales electorate. It is shaping up as a four-way contest among the Liberals, Nationals, One Nation, and an independent candidate.
McKenzie, speaking on ABC Radio National, said the Nationals would campaign in Narrandera, Griffith, and Finley over the coming days to promote their candidate, Brad Robertson.
She identified the two main issues for voters as the state of hospital and health services in Albury and water management.
The Nationals face competition from Pauline Hanson’s One Nation, which is seeking to expand its lower house representation amid a recent surge in support. One Nation’s candidate is a 69-year-old local agribusiness consultant.
Regarding a recent dip in One Nation’s support according to overnight opinion polls, McKenzie commented:
“In times of global crisis, which we’re currently in, Australians rightfully look to parties of government when they’re looking at economic shocks, such as we’re going through, or indeed how to respond to foreign conflicts.
And it’s really the parties of government, the National party, the Liberal party and the Labor party that have expertise in that those policy areas.
And I think that is what may be driving that drop, as Australians consider who is best to manage these types of scenarios.”
She added that she hopes voters will scrutinize One Nation’s policy details more closely.
The Nationals also face independent candidate Michelle Milthorpe in Farrer. Further details about Milthorpe and the campaign in Farrer are available.
Pocock campaigns for gas export tax to fund welfare and housing
Labor is under pressure from charities and social service groups to use proceeds from limiting tax concessions for property investors and taxing commodity exports to fund welfare increases and housing development.
Ahead of next month’s federal budget, ACT independent senator David Pocock has purchased billboards in Treasurer Jim Chalmers’ Queensland electorate advocating for a 25% tax on gas exports through changes to the petroleum resource rent tax (PRRT) scheme.
This gas tax proposal, supported by the Greens, think tank the Australia Institute, and key Labor-aligned trade unions, could generate significant revenue.
The Australian Council of Social Service (Acoss) and a coalition of 50 charity and campaign organizations stated that funds from these proposed changes could assist vulnerable populations and support sustained public investment in housing, renewable energy, and disaster resilience.
Acoss chief Cassandra Goldie urged the government to take bold action, stating:
“People on the lowest incomes are skipping meals, delaying medical care and rationing energy just to get by.
Frontline services are operating at capacity, facing growing demand and increasingly complex needs. Current policy settings are not meeting the needs of our communities – it’s clear that significant and sustained public investment is essential.”
Organizations including Foodbank Australia, Jesuit Social Services, and National Shelter have endorsed this initiative.
Australian life satisfaction falls below pandemic levels, ANU poll finds
New research by the Australian National University indicates that average life satisfaction in Australia has declined to its lowest recorded level, falling below figures recorded during the Covid-19 lockdowns.
A survey of over 3,600 adults found the average life satisfaction score to be 6.22 on a scale from 0 to 10.
Nearly 35% of Australians reported difficulty or extreme difficulty living on their current income, and the majority have taken at least one significant financial coping action in the past year.
Researcher Professor Nicholas Biddle commented:
“Australia in March 2026 is a country under considerable strain.”
“Unlike the lockdown periods, this decline is not a sharp shock from a higher base: life satisfaction was already depressed, making the current reading the culmination of a sustained deterioration rather than a sudden fall.”
Good morning, and I hope you had a pleasant weekend. This morning’s news includes the release of this new survey on Australian life satisfaction and the announcement by ACT independent senator David Pocock regarding his billboard campaign calling for a 25% tax on gas exports.
