A file photo taken on March 26, 2026 shows fuel prices on displayed at a petrol station in the Melbourne suburb of Williamstown. [Photo/Agencies]
Fuel prices and supply problems are putting growing pressure on Australian businesses, with new official and industry surveys pointing to the ripple effects of the global energy disruption caused by the closure of the Strait of Hormuz.
Experts say the Middle East crisis is having a significant impact on Australia, underscoring the need for the country to draw on China's global leadership in electrification and decarbonization to strengthen energy security and build economic resilience.
The Survey of Business Conditions and Sentiments by the Australian Bureau of Statistics, or ABS, showed that 72 percent of Australian businesses had been negatively affected by fuel prices or fuel availability.
The survey, released late last month, was revived for the first time since June 2022 after originally being introduced during the COVID-19 pandemic to help track how major disruptions were affecting households and businesses.
