Business News

Nations will release an extra 400 million barrels of oil to the market. All we need to do now is not panic at the pump

Tony Wood, Senior Fellow in Energy and Climate Change, Grattan Institute Despite being one of the world’s top exporters of fossil fuels (coal and gas), Australia has little left of its own oil. Neither does New Zealand. Both Australia and New Zealand sit at the end of a long supply chain for their transport fuels. The US-Israel war on Iran has led to this supply chain being squeezed. Iran’s move to shut down the crucial Strait of Hormuz has effectively frozen 20% of the world’s oil trade. Three ships were hit by projectiles in the strait yesterday. When supply reduces, we expect prices to rise. That’s why petrol and diesel prices have shot up. Farmers and trucking companies are worried about possible fuel shortages, especially for diesel. Many people will wonder why governments aren’t acting. But they are not sitting idly by. Australia and New Zealand are among the 32 member nations in the International Energy Agency (IEA) that have agreed to release reserves of oil to tackle price spikes, though it’s unclear how much this will help. New Zealand’s fuel reserves could last perhaps four weeks if all new supply was completely cut off, while Australia has a little more after recent expansion of fuel reserves. It’s important not to panic. Losing 20% of oil supply affects prices. But the other 80% of oil is unaffected by the war. Current price spikes are likely to be more affected by panic buying and perhaps even price gouging than by an actual supply shortage. What are authorities doing? Yesterday, the IEA announced its members would release a collective 400 million barrels of oil onto the market to try to bring oil prices down – the sixth and largest release in the agency’s history. Globally, oil prices have spiked 25% since the Iran conflict began on February 28. In turn, petrol and diesel prices have risen at […]

Canada’s Mark Carney to visit India, Japan and Australia to expand trade partners

Stewart Prest, Lecturer, Political Science, University of British Columbia Canadian Prime Minister Mark Carney is having a moment. Accordingly, on his visit to India, Japan and Australia, Carney is looking to find partners for his vision. He’s seeking opportunities to improve relations, expand trade and cooperate on issues of Pacific security. While every leader in the world has to grapple with the abrupt and arbitrary decision-making of United States President Donald Trump, few have had to do so with such high stakes as America’s neighbour and ostensible ally to the north. With more than two-thirds of Canadian exports bound for the US, bilateral trade is a matter of economic life and death for Canada. Since his return to office in January 2025, Trump has made repeated references to Canada becoming America’s “51st state” in an effort to put economic and political pressure on its northern neighbour. Despite this, Carney has met the challenge with rare candour. In his recent speech at this year’s World Economic Forum in Switzerland, Carney gave the world a word for the transformations now underway, describing a “rupture” in the international rules-based order. The speech was remarkable in its honesty on other fronts, as well. Effectively, Carney acknowledged what everyone knows, but no one in a position of power has previously admitted: even before Trump’s return to the White House for a second term, the US-led liberal international order was deeply unfair in its distribution of prosperity and security. Carney’s pedigree Why was Carney able to say what others would not, or could not, on such a high-profile stage? In many ways, his background and present role give him unique credibility in the eyes of the wealthy and powerful who gather each year at Davos. Born and raised in northern and western Canada, Carney’s academic and professional career played out on […]

The Elements of Power

A Story of War, Technology, and the Dirtiest Supply Chain on Earth By Nicholas Niarchos The Elements of Power tells the story of the war for the global supply of battery metals—essential for the decarbonisation of our economies—and the terrible, bloody human cost of this badly misunderstood industry Congo is rich. Swaths of the war-torn African country lack basic infrastructure, and, after many decades of colonial occupation, its people are officially among the poorest in the world. But hidden beneath the soil are vast quantities of cobalt, lithium, copper, tin, tantalum, tungsten, and other treasures. Recently, this veritable periodic table of resources has become extremely valuable because these metals are essential for the global “energy transition”—the plan for wealthy nations to wean themselves off fossil fuels by shifting to sustainable forms of energy, such as solar and wind. The race to electrify the world’s economy has begun, and China has a considerable head start. From Indonesia to South America to Central Africa, Beijing has invested in mines and infrastructure for decades. But the U.S. has begun fighting back with massive investments of its own, as well as sanctions and disruptive tariffs. In this rush for green energy, the world has become utterly reliant on resources unearthed far away and willfully blind to the terrible political, environmental, and social consequences of their extraction. If the Democratic Republic of the Congo possesses such riches, why are its children routinely descending deep into treacherous mines to dig with the most rudimentary of tools, or in some cases their bare hands? Why are Indonesia’s seas and skies being polluted in a rush for battery metals? Why is the Western Sahara, a source for phosphates, still being treated like a colony? Who must pay the price for progress? Nicolas Niarchos reveals how the scramble to […]

A major overhaul of NZ’s local government is underway – will it really fix what’s broken?

Phil Walter/Getty Images Guy C. Charlton, Associate Professor, University of New England With a general election looming, the largest shake-up of New Zealand’s local government system in three decades sits on the table. New Zealanders are being invited to have their say on the draft policy proposal, Simplifying Local Government, which would fundamentally reshape how councils operate. The government’s case for reform is that the status quo is inefficient, confusing to voters and “tangled in duplication, disagreements and decisions that don’t make sense”. It argues these problems will only intensify as councils take on new responsibilities, from resource management reform to water services and climate adaptation. Its proposed solution: removing an entire tier of elected local government. While reform may well be overdue, the proposal raises crucial questions about democratic representation, accountability and how regional decisions should be made. These issues sit at the heart of the consultation – and they matter as much as the promise of efficiency or lower costs. How the proposed changes would work The proposal would abolish regional councils and replace them with combined territorial boards made up of locally elected mayors. Voters would elect only one set of local representatives, rather than both territorial and regional councillors. The new boards would take on the legal responsibilities of existing regional councils, while much of the regional bureaucracy would remain. Mayors on the boards would not have equal voting power; instead, votes would be weighted by population, with adjustments set by the Local Government Commission. The proposal also allows – though not as a preferred option – for a Crown Commissioner to be appointed to a territorial boards. Depending on the circumstances, that commissioner could have no vote, a veto, or more than half of the weighted votes, to ensure national interests are taken into account. The boards’ primary task would be to prepare […]

Hypocrisy and folly: why Australia’s subservience to Trump’s America is past its use-by date

(Left)Mark Beeson, Adjunct professor, Australia-China Relations Institute, University of Technology Sydney. Turbulence: Australian Foreign Policy in the Trump Era – Clinton Fernandes (Melbourne University Publishing) Clinton Fernandes has established himself as one of the most original and insightful analysts of Australian security policy. An early career with the Australian Army Intelligence Corps no doubt gave him an inside view of the ideas that influence security policy in this country. I’m not surprised he changed careers. To judge by this outstanding book, there is little regard for intelligence, much less independence of thought, among the people who shape “Australia’s” strategic outlook. The scare quotes are merited because, as Fernandes observes, “Australia’s policy planners are motivated by […] a single standard – does something protect or advance US power and Australia’s relevance to it?” One of the most noteworthy features of Fernades’ analysis in Turbulence: Australian Foreign Policy in the Trump Era and his previous work, especially Sub-Imperial Power: Australia in the International Arena (2022), is his ability to account for policy outcomes by placing them in their distinctive historical and geographic contexts. For those baffled by the decision to buy nuclear-powered submarines from the United States and possibly Britain as part of the AUKUS agreement, Turbulence is essential reading. A growing number of commentators, including former prime ministers and senior military figures, have questioned the wisdom of what Paul Keating called the “worst deal in all history”. Fernandes explains why AUKUS is an all-too-predictable continuation of past follies. Supporters of AUKUS have suggested that buying and possibly building submarines is a nation-building project on a par with the Snowy Mountains scheme. But Fernandes makes it clear that, “despite ideologically strident claims by Australia’s leaders”, AUKUS is “a contribution of people, territory, materials, money, diplomacy and ideology to the war-fighting capabilities of the United States”. […]

Empire of the Elite

By Michael Grynbaum For decades, Condé Nast and its glittering magazines defined how to live the good life in America. The brilliant, complicated, striving characters behind Vogue, Vanity Fair, The New Yorker, GQ, Architectural Digest, and many other titles manufactured a vision of luxury and sophistication that shaped consumer habits, cultural trends, intellectual attitudes, and political beliefs the world over. Condé’s billionaire owner Si Newhouse and his stable of star editors, photographers, and writers were the gatekeepers who decided what and who mattered, and they offered those opinions to tens of millions of readers every month. They were the ultimate influencers—before social media changed everything. The magazines crowned celebrities by the dozens, patronised creative talent much as the Medicis had underwritten Renaissance artists, and supercharged opulent events like the Vanity Fair Oscar Party and the Met Gala, which came to rival any fete that Louis XIV ever hosted at Versailles. The book is full of fresh behind-the-scenes reporting about a plethora of boldface names and sets out to explain how Condé Nast established itself as a de facto American aristocracy, anointing an elite and dictating the culture they presided over. The colorful story of Condé Nast at its zenith and the profound way it influenced how Americans aspired to look, eat, decorate, date, marry, and even think, has never been examined deeply. Empire of the Elite is the first book-length history of an empire whose publications refashioned American notions of prestige, whose editors became celebrities themselves, and whose diminution offers a cautionary tale of class, hubris, and technological change, even as its aesthetic and ethos remain influential to this day.

Empire of AI: Dreams and Nightmares in Sam Altman’s OpenAI

From a brilliant longtime AI insider with intimate access to the world of Sam Altman’s OpenAI from the beginning, an eye-opening account of arguably the most fateful tech arms race in history, reshaping the planet in real time, from the cockpit of the company that is driving the frenzy, When AI expert and investigative journalist Karen Hao first began covering OpenAI in 2019, she thought they were the good guys. Founded as a nonprofit with safety enshrined as its core mission, the organization was meant, its leader Sam Altman told us, to act as a check against more purely mercantile, and potentially dangerous, forces. What could go wrong?Over time, Hao began to wrestle ever more deeply with that question. Increasingly, she realiaed that the core truth of this massively disruptive sector is that its vision of success requires an almost unprecedented amount of resources: the “compute” power of high-end chips and the processing capacity to create massive large language models, the sheer volume of data that needs to be amassed at scale, the humans “cleaning up” that data for sweatshop wages throughout the Global South, and a truly alarming spike in the usage of energy and water underlying it all. The truth is that we have entered a new and ominous age of empire: only a small handful of globally scaled companies can even enter the field of play. At the head of the pack with its ChatGPT breakthrough, how would OpenAI resist such temptations? Spoiler alert: it didn’t. Armed with Microsoft’s billions, OpenAI is setting a breakneck pace, chased by a small group of the most valuable companies in human history—toward what end, not even they can define. All this time, Hao has maintained her deep sourcing within the company and the industry, and so she was in intimate […]

Graydon Carter hired Christopher Hitchens, pissed off Trump and revealed Deep Throat

Julian Novitz Senior Lecturer, Writing, Department of Media and Communication, Swinburne University of Technology. The editor of Vanity Fair, Radhika Jones, is stepping down after seven years. Amid the media buzz about who might take her role – long considered a plum one – is a surprising question. “Is it still a good job?” asked the New York Times last week. Some magazine editors have said no, one even saying “I wouldn’t touch that job”. But Jones’ immediate predecessor, Graydon Carter, says it’s “still a great job for an enterprising editor”, though the golden age of magazines – including Vanity Fair – is clearly over. Carter’s new memoir recounts his time as editor from 1992 to 2017, during the magazine’s glory days. It’s full of stories about editors and writers who comfortably stalked the halls of power. They rubbed shoulders with tycoons and celebrities, attracted both reverence and apoplectic rage, and were handsomely paid for it. When the Going Was Good is an apt title for a book about the “golden age of magazines”. Carter’s memoir focuses on his time at Vanity Fair, but also includes stints at Time magazine, where he got his first taste of “expense account life”, and as co-founder of iconic satirical magazine Spy, where he first described rising tycoon Donald Trump as a “short-fingered vulgarian”. Graydon Carter’s memoir remembers his time at Vanity Fair, Time magazine and co-founding Spy. Penguin Random House As Carter notes in his memoir, the glory days of the print magazines have passed. What can he tell us about their heyday, and the future of long-form journalism? Golden days For an editor with a few horror stories about writers who exceed their word count – one would apparently turn in 70,000-word “vomit drafts” – Carter doesn’t exactly make a virtue of concision. The opening chapters linger […]

Careless People: A Cautionary Tale of Power, Greed, and Lost Idealism

by Sarah Wynn-Williams Power and corruption – the power system we live in – accountability. Think about the systems you are a part of. Being careless can have huge consequences. Working for Mark Zuckerberg may not be the best option and did Sheryl Sandberg “Lean In’ too far? An explosive memoir charting one woman’s career at the heart of one of the most influential companies on the planet, Careless People gives you a front-row seat to Facebook, the decisions that have shaped world events in recent decades, and the people who made them. From trips on private jets and encounters with world leaders to shocking accounts of misogyny and double standards behind the scenes, this searing memoir exposes both the personal and the political fallout when unfettered power and a rotten company culture take hold. In a gripping and often absurd narrative where a few people carelessly hold the world in their hands, this eye-opening memoir reveals what really goes on among the global elite. Sarah Wynn-Williams tells the wrenching but fun story of Facebook, mapping its rise from stumbling encounters with juntas to Mark Zuckerberg’s reaction when he learned of Facebook’s role in Trump’s election. She experiences the challenges and humiliations of working motherhood within a pressure cooker of a workplace, all while Sheryl Sandberg urges her and others to “lean in.” Careless People is a deeply personal account of why and how things have gone so horribly wrong in the past decade―told in a sharp, candid, and utterly disarming voice. A deep, unflinching look at the role that social media has assumed in our lives, Careless People reveals the truth about the leaders of Facebook: how the more power they grasp, the less responsible they become and the consequences this has for all of us.

In siding with Russia over Ukraine, Trump is not putting America first – he is hastening its decline

Matthew Sussex, Associate Professor (Adj), Griffith Asia Institute; and Fellow, Strategic and Defence Studies Centre, Australian National University. Has any nation squandered its diplomatic capital, plundered its own political system, attacked its partners and supplicated itself before its far weaker enemies as rapidly and brazenly as Donald Trump’s America? The fiery Oval Office meeting between Trump and Ukrainian President Volodymyr Zelensky on Friday saw the American leader try to publicly humiliate the democratically elected leader of a nation that had been invaded by a rapacious and imperialistic aggressor. And this was all because Zelensky refused to sign an act of capitulation, criticised Putin (who has tried to have Zelensky killed on numerous occasions), and failed to bend the knee to Trump, the country’s self-described king. What’s worse is Trump has now been around so long that his oafish behaviour has become normalised. Together with his attack dog, Vice President JD Vance, Trump has thrown the Overton window – the spectrum of subjects politically acceptable to the public – wide open. Previously sensible Republicans are now either cowed or co-opted. Elon Musk’s so-called Department of Government Efficiency (DOGE) is gutting America’s public service and installing toadies in place of professionals, while his social media company, X, is platforming ads from actual neo-Nazis. The FBI is run by Kash Patel, who hawked bogus COVID vaccine reversal therapies and wrote children’s books featuring Trump as a monarch. The agency is already busily investigating Trump’s enemies. At the Pentagon, in a breathtaking act of self-sabotage, Defence Secretary Pete Hegseth has ordered US Cyber Command to halt all operations targeting Russia. And cuts to USAID funding are destroying US soft power, creating a vacuum that will gleefully be filled by China. Other Western aid donors are likely to follow suit so they can spend more on their militaries in response to US unilateralism. What is Trump’s strategy? Trump’s wrecking ball is already […]

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