Australia plans first new oil refinery in decades

The Federal Government has announced plans to build Australia's first domestic oil refinery since the 1960s, with a $4 million pre-feasibility study for a facility in Karratha, Western Australia. The announcement comes as Treasury warns of increased economic vulnerability from Middle East conflicts, with oil prices rising 28% since the US President declared the Iran conflict over. Experts caution the refinery could take seven to ten years to become operational, while inflation figures are awaited before the Reserve Bank considers potential rate hikes.See omnystudio.com/listener for privacy information.