The Russia-Ukraine conflict has cast into relief the enormous dependence of Europe on Russian oil, gas and coal, which have emerged as a crucial source of leverage for Putin’s kleptocracy.
“The problem is all the fuel and oil that comes to us on foreign-owned or foreign-controlled ships,” Blackburn says. “We don’t have any Australian flagged ships that can move it. And we’re not only dealing with foreign companies, we’re dealing with foreign governments. So, we do not have good energy security as it relates to fuel and that’s a problem.”
Similar resource constraints – labour and supply shortages that are boosting wages and consumer price inflation – have convinced the Reserve Bank of Australia to start the process of normalising its cash rate.Financial market expectations for RBA rate rises have dramatically increased the cost of fixed-rate loans, which is shifting almost all marginal demand into cheaper variable-rate products. This is a dramatic change from 12 months ago when most mortgage flows were for fixed-rate loans.
Relentless talk of rate rises coupled with a huge increase in the cost of fixed-rate loans has already had a striking impact on the vanguard housing markets of Sydney and Melbourne, where prices have flatlined since the end of November last year .
Hey ScottMorrisonMP if you can't address Australia's needs ? We won't vote for you :)
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