Iran war economic shocks will last 'months', says Australia's PM

Australia's Prime Minister has warned the economic shock from the war involving Iran will "be with us for months", as he delivered a rare televised address to the nation. Speaking on Wednesday, Anthony Albanese said the conflict had driven the biggest spike in petrol and diesel prices in history, and households were already feeling the strain. "Australia is not an active participant in this war. But all Australians are paying higher prices because of it," he added. Addresses of this kind have been used at moments of international importance, last seen in the country during the Covid pandemic and before that the 2008 financial crisis. Australia is among a host of nations that have seen fuel prices increase sharply since the start of the US-Israel war with Iran and the effective closure of the Strait of Hormuz. The near-total blockade of international shipping in the vital waterway - through which around 20% of the world's oil and natural gas flows - has led governments around the world to begin implementing measures to conserve fuel. Albanese has previously sought to reassure motorists following reports of panic-buying and petrol stations running dry. During the address, he acknowle