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When the war in the Middle East first broke out, I warned that Australia faced a triple energy threat of higher petrol/diesel prices, higher gas prices, and higher electricity prices.
Vivek Dhar, Head of Commodities and Sustainable Economics at CBA, published a detailed analysis warning of similar risks, arguing that Australia’s energy system is facing its most severe shock in decades.
The effective closure of the Strait of Hormuz has sidelined an extraordinary share of global energy supply.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.