TME with the charts.

Sydney’s and Melbourne’s home prices continue to shift into “correction” territory, with values declining by 0.2% and 0.3%, respectively, over the past 28 days, according to Cotality’s daily dwelling values index. In contrast, values in Perth (2.1%), Brisbane (1.4%), and Adelaide (1.0%) continue to increase at a strong pace.

JPM today tallies the damage to hydrocarbon output in the Gulf. Around 60 energy infrastructure assets in the Gulf have been impacted by drone and missile strikes in the nearly six weeks since the conflict started, with about 50 of them suffering varying degrees of damage (Figure 1 & 2).

There is growing concern that Australia’s tax and transfer system disproportionately benefits older, wealthier retirees while placing a rising burden on younger workers—a tension now central to Treasurer Jim Chalmers’ pre‑budget messaging.

Developers and builders across Australia warn that the conflict in the Middle East has triggered a fresh supply chain shock, pushing up the cost of key construction materials and fuel and threatening the viability of new housing projects.

Some leaks about One Nation policy today make for good reading.

As the crisis in the Middle East continues and the volume of traffic through the Strait of Hormuz remains a relative trickle, a tangled web of commerce and diplomacy continues to deliver oil from the Persian Gulf to customers throughout the world, overwhelmingly in Asia.

Whether we like it or not, hydrocarbons power the Australian economy. The Australian Energy Update 2025, produced by the Department of Climate Change, Energy, the Environment and Water, shows that hydrocarbons in the form of oil (41%), coal (25%), and gas (25%) accounted for 91% of Australia’s primary energy use in 2024.

Given the amount of risk abroad, DXY has done bugger all, really.

In this week’s podcast, we’re looking at what a U.S.–Iran ceasefire really means for markets — even if tensions remain unresolved.

The Australian’s Judith Sloan has written a compelling article calling on Australia to remove barriers to fossil fuel development.

TME explores the short squeeze.

University students have pushed back against moves to require them to attend in person to combat AI cheating, citing high transport costs.

The East Coast gas export cartel is doing a grand job of demonstrating its power over local prices, keeping it at $10Gj.

The Australian Bureau of Statistics (ABS) released data on dwelling commencements and completions for the fourth quarter of 2025, which confirmed that the National Housing Accord’s target of building 1.2 million homes over five years has drifted further out of reach.

It’s no surprise that Australia is most exposed in the OECD thanks to Albo’s toxic combination of high household debt, fuel import dependence and low fuel inventories.

The Gulf ceasefire is a joke on somebody, but who exactly it is unclear.

On Tuesday night (Australian time), U.S.

Australia’s rental crisis continues in earnest.

If one chart were to summarise the Victorian government’s transformation from fiscal conservatism to sabotage, it is the following, showing the explosion in the state’s net debt: When Daniel Andrews’ Labor government took office in late 2014, Victoria carried a net debt of around $21 billion.

The Chinese property market had a better week after a terrible start to the year.

I wrote on Tuesday about how last week’s temporary halving of the fuel excise was incredibly popular among Australian voters.

For years, business mouthpiece The AFR View was a card-carrying member of ‘Big Australia’ migration, pumping continuous propaganda on its benefits to the economy and living standards.