WAR – IRAN

Santos boss warns investors are misreading energy crisis

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Original article by Colin Packham
The Australian – Page: 17 : 6-May-26

Santos CEO Kevin Gallagher has cautioned against further federal government intervention in response to the Iran war-induced energy crisis. He has told the Macquarie Australia Conference that it would be an "act of self-harm" to impose an additional tax burden on the oil and gas industry, arguing that the sector already contributes via royalties and the petroleum resource rent tax. Gallagher also warned that supply disruptions and elevated risk across global energy markets will persist for some time; he noted that the "unprecedented" release of strategic petroleum reserves globally will result in ongoing volatility as governments rebuild their stockpiles.

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SANTOS LIMITED – ASX STO

Woolies flags higher prices, profit squeeze

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Original article by Carrie LaFrenz
The Australian Financial Review – Page: 15 & 18 : 1-May-26

Woolworths has advised that its supermarket division’s sales rose by 5.9 per cent to $13.8bn in the third quarter of 2025-26. Group sales were up 4.5 per cent to about $18bn for the 13 weeks to 5 April. CEO Amanda Bardwell says the Iran war did not affect shelf prices during the quarter, but she has warned that growing pressure from suppliers is likely to result in higher prices for some grocery products in the final quarter. She adds that fresh foods such as fruit, vegetables, milk and bread are most vulnerable to price increases, due to the impact of rising fuel and fertiliser costs on farmers. Coles will release its third-quarter results today.

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WOOLWORTHS GROUP LIMITED – ASX WOW, COLES GROUP LIMITED – ASX COL

US seeks international help to reopen Strait of Hormuz as crude prices surge

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Original article by Timothy Gardner
The Sydney Morning Herald – Page: Online : 1-May-26

The US is calling for other countries to form an international coalition to help reopen the Strait of Hormuz, which remains closed two months into the Iran war. France, the UK and other countries have held talks on contributing to such a coalition, but have indicated that they are only willing to help open the strait after hostilities between the US and Iran cease. The US’s push for a coalition comes as oil prices soared to their highest in more than four years. Foreign Minister Penny Wong has confirmed that Australia has been briefed by the US about its proposed coalition and was "engaging on options"; however, a government source has indicated that no decision has been made.

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AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE

JD Vance to lead US delegation in Pakistan if Iran agrees to talks

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Original article by Dan Sabbagh, Hannah Ellis-Petersen
The Guardian – Page: Online : 21-Apr-26

The ceasefire in the Persian Gulf had been expected to end on Tuesday night, US time; however, US President Donald Trump has stated that it will now end 24 hours later, although he said a further extension is "highly unlikely". Trump also said that he will not be rushed into making a "bad deal", and the Strait of Hormuz will remain closed until an agreement is reached. Vice-President JD Vance is expected to head the US diplomatic team that will hold a second round of peace talks in Pakistan, although it remains uncertain as to whether Iran will participate. Iran has yet to confirm that it will send a delegation to Islamabad, although sources have indicated that regional mediators have been informed that it will do so. Meanwhile, Trump has stated that Israel Israel had not persuaded him to attack Iran.

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UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT

ACTU bid to bump up pay rise for three million

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Original article by Ewin Hannan
The Australian – Page: 1 & 4 : 15-Apr-26

The ACTU has previously pushed for the Fair Work Commission to grant a pay rise of five per cent for people on the minimum wage and award wages in 2026. However, ACTU secretary Sally McManus has advised that the peak union body will now seek a higher wage increase, citing factors such as the Iran war’s impact on the cost of living. McManus also says that unions wil seek higher pay rises through enterprise bargaining as existing agreements expire and are renegotiated. Business groups have advocated a 3.5 per cent increase in the minimum wage.

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ACTU, AUSTRALIA. FAIR WORK COMMISSION

Australia joins Strait of Hormuz talks – without the US

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Original article by Matthew Knott, Michael Koziol
The Age – Page: Online : 15-Apr-26

Defence Industry Minister Pat Conroy has advised that that Australia will "most definitely" participate in a proposed Europe-led summit aimed at reopening the Strait of Hormuz. About 40 nations have been invited to attend the summit, which has been organised by France and Britain, and will seek to form a global coalition to safeguard shipping in the Strait of Hormuz after a permanent ceasefire is in place. The US and Iran are not expected to have any role in the proposed coalition. Meanwhile, media reports have indicated that at least 15 US warships participated in the first day of the Trump administration’s blockade of the Strait.

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AUSTRALIA. DEPT OF DEFENCE

IMF fears third global recession this century

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Original article by Lea Jurkovic
The Australian Financial Review – Page: 4 : 15-Apr-26

The International Monetary Fund’s latest World Economic Outlook report has warned that the Iran war could potentially trigger a recession. The IMF’s worst-case scenario is for global economic growth to fall by 1.3 percentage points in 2026, to just two per cent; this would the global economy on the brink of a recession. The IMF has also urged governments worldwide to curb spending and avoid targeted cost-of-living relief, arguing that such measures could boost inflation and make it harder for central banks to bring it under control. The Reserve Bank of Australia’s deputy governor Andrew Hauser says it will continue to increase official interest rates if it deems the risk of high inflation to be more important than the impact on economic growth.

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INTERNATIONAL MONETARY FUND, RESERVE BANK OF AUSTRALIA

Australian navy ready to defend Strait of Hormuz if asked

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Original article by Jessica Wang, Sophie Elsworth
Herald Sun – Page: Online : 14-Apr-26

Prime Minister Anthony Albanese says the federal government wants to see the Strait of Hormuz reopened and the resumption of negotiations to end the Iran war. Albanese has confirmed that the Trump administration has not asked Australia to assist with its blockade of the Strait. However, incoming Australian Defence Force chief Vice Admiral Mark Hammond says the Royal Australian Navy is "as ready as it ever has been" to assist if the federal government is asked to do so. He adds that Australia’s fleet of surface naval vessels are equipped with world-leading radar technology and state-of-the-art missile systems, and could be used to defend the Strait against Iranian drones.

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AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN DEFENCE FORCE

Iran says Strait of Hormuz is closed again as Israel bombards Lebanon

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Original article by Michael Koziol
The Age – Page: Online : 9-Apr-26

The temporary ceasefire in the Persian Gulf is in doubt after less than 24 hours, following Israel’s continued airstrikes on Hezbollah targets in Lebanon. Multiple news agencies in Iran have reported that the Islamic republic has closed the Strait of Hormuz to shipping in response to the Israeli military action. The White House has advised that Lebanon is not currently included in the ceasefire agreement, although press secretary Karoline Leavitt says the US and Israel may discuss doing so in the future. However, Pakistan’s Prime Minister Shehbaz Sharif contends that Lebanon is included in the ceasefire. Meanwhile, Israeli Prime Minister Benjamin Netanyahu has warned that his nation is ready to resume airstrikes on Iran "at any moment".

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$A an unlikely powerhouse amid oil shock

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Original article by Cecile Lefort
The Australian Financial Review – Page: 21 : 8-Apr-26

The Australian dollar has fallen by less than three per cent against its US counterpart since the start of the Iran war; it has also fallen by only two per cent against a basket of currencies of Australia’s major trading partners. The dollar peaked at a four-year high of $US0.7151 in mid-March, and is currently fetching arond $US0.69. It has benefited from Australia’s status as a major exporter of gas and coal, amid the global ructions arising from the effective closure of the Strait of Hormuz. The dollar has also been boosted by the carry trade, given that Australia is the only member of the G10 nations to have increased official interest rates since the war began.

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