Inflation could hit 7% as oil prices threaten to double

Australia faces potential economic challenges with inflation forecast to surge past 7% and oil prices potentially doubling to over 200 US dollars per barrel if Middle East conflicts continue to escalate. The Federal Government has announced plans for a new oil refinery in Western Australia, which could take seven to ten years to become operational, as part of efforts to secure the nation's energy supply. Strategic oil stocks from IEA member countries that have helped contain prices are set to run out in coming weeks, while global refining capacity faces shortfalls due to Russian refineries halting exports.See omnystudio.com/listener for privacy information.