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Chanticleer

Refinery fire means more pain, Westpac’s vital Iran warning & Gina Rinehart claims victory

4/17/202644 min

This week Chanticleer columnists James Thomson and Anthony Macdonald discuss the first solid signs Australia’s economy is rolling over, they pick over the billionaire family battle for the Pilbara’s riches and consider how this year’s oil shock is different to the ones before it. 

To ask a question, email chanticleer@afr.com

This podcast is sponsored by Aussie Broadband

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Clips

Fuel fire becomes political
Markets ignore the pain
Qantas fuel bill shock
Banks see the slowdown
Elections are about prices
Rinehart wins, still pays
Bigger than the 1970s?
Pilbara’s enduring power

Transcript preview

First 90 seconds

  1. Anthony Macdonald· Host0:00

    [upbeat music] The Australian Financial Review.

  2. James Thomson· Host0:06

    [upbeat music] Hello, I'm James Thompson, senior Chanticleer columnist at the AFR. Welcome to our weekly news breakdown of all things business, finance, and markets. [upbeat music] With me today, as always, it's my Chanticleer colleague. He's blown more smoke than the Geelong Refinery this week. It's Anthony McDonald. How are you, Anthony?

  3. Anthony Macdonald· Host0:30

    Smoldering, James. We have lots to talk about this week.

  4. James Thomson· Host0:34

    We sure do. [upbeat music] Well, this week we get the first solid signs of Australia's economy rolling over. We pick over the billionaire family battle for the Pilbara's iron ore riches, and consider how this year's oil shock is different to the ones before it. [upbeat music] But Anthony, let's start in the world of oil, and I woke up on Thursday morning, which was my first day back in the country, thanks to you for filling in the big seat last week.

  5. Anthony Macdonald· Host1:04

    Welcome back.

  6. James Thomson· Host1:04

    Thank you. To the news that no Australian driver wanted to hear, the Geelong Refinery was on fire. It burnt all night. It's still smoldering today on Friday morning. Gasoline production's been halted, and avgas and diesel production have been seriously slowed. Anthony, the Geelong Refinery produces roughly half of Victoria's fuel supply, about 10% of the fuel supply nationally. Could this have come at a worse time?

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