PM calls national cabinet meeting over fuel crisis – as it happened

‘A bigger scar’: prolonged war in Middle East could slash $16.5bn from Australian economy, Chalmers warns Get our breaking news email, free app or daily news podcast That’s it for today, thanks for reading. Here are the day’s main stories: The prime minister, Anthony Albanese, calls a snap national cabinet meeting over fuel crisis, saying the economic shock caused by the US-Israeli war on Iran was like the Covid pandemic or Ukraine invasion. Albanese also revealed on Wednesday that an Australian airbase near Dubai had been hit by an Iranian projectile about 9.50am, causing a small fire but not injuring any Australian personnel. The treasurer, Jim Chalmers, said the war in the Middle East could do significant damage to the Australian economy, with new Treasury figures showing persistent energy shock would see GDP 0.6% lower in 2027, with effects lasting until at least 2029. That could slash $16.5bn from the national economy by next year. Chalmers sought to downplay the risk of recession, however, despite a warning issued by the Reserve Bank. Donald Trump has listed Australia among the allies he is bitterly disappointed with for not wanting to get involved with his war agains