You're reading the Australia Briefing newsletter.
You're reading the Australia Briefing newsletter.
You're reading the Australia Briefing newsletter.
Wherever you are, Bloomberg journalists from Sydney to Melbourne deliver what you need to know from Australia.
Wherever you are, Bloomberg journalists from Sydney to Melbourne deliver what you need to know from Australia.
Wherever you are, Bloomberg journalists from Sydney to Melbourne deliver what you need to know from Australia.
Australians are waking up to a new potential fuel supply headache after a major fire broke out at one of the nation's only two remaining oil refineries. While it's too early to say just how much of an impact the blaze will have on the nation's fuel supply, operator Viva Energy's website says the Geelong refinery supplies more than half of Victoria's fuel and 10% of Australia's. The setback comes despite a more positive outlook on the war in Iran, with US stocks closing at record highs on hopes for an extended ceasefire and further peace talks between Washington and Tehran.
What's happening now
A "significant" fire at Viva Energy's Geelong refinery in southeastern Australia is expected to impact fuel production, Energy Minister Chris Bowen said this morning, with emergency services still working to bring the blaze under control. The plant in the state of Victoria can process 120,000 barrels a day of oil and is one of only two refineries still operating in the country.
Hancock Prospecting, the private company of billionaire Gina Rinehart, has partly lost a decade-long legal battle with Wright Prospecting over royalties but will retain ownership of a major iron ore hub in Australia. The Supreme Court of Western Australia rejected Hancock's argument that Wright had no royalty rights over some iron ore tenements that include the massive Hope Downs mine that it shares with Rio Tinto Group.
Australia's second-biggest gold miner Evolution Mining will consider raising dividends as precious metals remain high while also seeking to buy as many as three more assets for growth, CEO Lawrie Conway said in an interview yesterday.
Super fund HESTA has named Robbie Campo as its new chief executive officer. Campo, currently CEO of ESSSuper, will take the helm at the A$100 billion fund from August, according to a statement Wednesday. She'll replace Debby Blakey, who in February announced her departure from the fund after more than 17 years.
The tiny South Pacific island nation of Tuvalu has declared a state of emergency as a worsening fuel crisis linked to the Iran war exacerbates power supply issues and threatens essential services across the country.
What happened overnight
US stocks closed at record highs on Wednesday as a potential peace deal in the Middle East and a strong start to corporate earnings season stoked investor optimism. ASX futures point to local stocks opening flat.
The US and Iran are considering a two-week ceasefire extension to allow more time to negotiate a peace deal, Bloomberg reported, reducing the risk of a resumption of fighting despite an intensifying standoff over the Strait of Hormuz.
Japan's Finance Minister Satsuki Katayama said that she had close discussions on foreign exchange issues with US Treasury Secretary Scott Bessent Wednesday and that authorities are prepared for "bold" action if needed.
Meantime, New Zealand's finance chief Nicola Willis said finance ministers gathered in Washington are increasingly uneasy about the lack of clarity over what comes next in the Middle East -- and how countries should prepare.
What to watch
- Australian jobs data for March released at 11.30am Sydney time
One more thing...
China is now on track to become the world's top tourism economy in the next few years as a sharp drop in foreign visits sets the US back. The Chinese travel and tourism economy grew 9.9% last year, more than twice the global rate and much faster than the 0.9% pace registered by the US, according to new data.