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TRANSCRIPT:
- Energy Minister Chris Bowen says Australia’s fuel supply remains secure ...
- Warnings for young Australians turning to social media for financial advice
- McLaren launches investigation into Piastri's technical failure.
Energy Minister Chris Bowen has reassured the nation that Australia’s fuel supply remains secure, with shipments arriving as scheduled and enough reserves to cover the country for 37 days.
That's despite filling stations in some regional communities running dry.
The federal government has proposed delivering high-sulphur petrol from Brisbane's Lytton Ampol refinery to regional towns in an effort to slow spiralling fuel prices.
This fuel is normally exported to countries with lower fuel standards.
Shadow minister for defence, James Paterson, told Channel 9's Today Show that Australia is not yet at the point where fuel rationing is necessary, but that the country will will have to start looking at increasing the flow from Asian refineries.
"Look, I don't think we're at that point yet, but the reality is that the Strait of Hormuz is not going to be reopened anytime soon and the crude oil that comes from the Middle East to Asian refineries in places like Singapore and Korea and Japan is ultimately the source of a big proportion of the petrol and diesel that we use in this country. So, unless that strait can be reopened, unless that oil can flow, we will start to draw down on those stock holding obligations, those minimum obligations."
A motoring group has pushed back against the idea of rationing fuel in Australia's major cities to supply the regions, saying it would cause unnecessary economic and social issues.
Fuel transport companies support a proposal by One Nation MP Barnaby Joyce to reserve fuel for farmers and regional areas as the Iran war drags on.
Mr Joyce argues this would ensure supermarket shelves remained stocked and other key industries could continue operating.
But Westlink Petroleum managing director Danny Kreutzer, whose Queensland-based company transports fuel for 500 businesses, says fuel should have already been reserved for the regions.
Iran has warned countries not to get involved in the war with the United States and Israel, after US President Donald Trump urged other countries to escort oil tankers through the Strait of Hormuz.
Tehran also admonished its Arab neighbours, saying that the Islamic republic has evidence that US bases on their territories were being used to launch attacks.
On the weekend, Mr Trump told NBC News he's not ready to make a deal with Iran to end the war - warning instead of more strikes on Kharg Island, a key Iranian oil export hub.
Kharg Island is thought to handle up to 90 per cent of Iran's oil exports, which Mr Trump claims the US has 'totally demolished'.
A former commander of the Islamic Revolutionary Guard Corps, Hossein Kanani Moghaddam, says strikes on the facility will have little effect on Iran's export capacity.
"As you know, these measures date back many years; after the Iran-Iraq war, we took steps to reduce our dependence on the Strait of Hormuz and on exporting oil from the islands. To achieve this, we built oil pipelines in different regions so that we can export oil easily by land and sea without relying on the Strait of Hormuz. Even if they strike, as they have already done by attacking Abu Musa, they will gain nothing from it. On the contrary, it will intensify the oil crisis."
Two thirds of young Australians are turning to social media for financial advice, according to Australia's financial watchdog.
The findings are contained in a survey of more than 1200 young people aged between 18 and 28, commissioned by financial regulator ASIC.
More than half of those surveyed said they trusted financial influencers - and 64 per cent put their faith in AI platforms.
ASIC Commissioner Alan Kirkland says financial advice accessed on social media and using AI is risky as the information is incomplete, promotional or misleading.
"The problem is that algorithms on social media prioritise popularity and engagement, not balance or accuracy. And that means that misleading and promotional content can crowd out reliable information."
Formula One drivers Oscar Piastri and teammate Lando Norris were forced to drop out of the Chinese Grand Prix in Shanghai after both their cars failed to start.
McLaren has launched an investigation after separate, unrelated electrical issues affected both drivers' cars resulting in neither starting the race.
Piastri has expressed his frustration with the situation.
"It was an electrical problem on the power unit, different to Lando's, so, yeah just very unfortunate to both have issues but we don't fully know any more than that at this point so, yeah obviously disappointing."
