Australia in April 2026: the most important developments in economy
In April 2026 Australia's economy was shaped by a fuel crisis linked to the Iran war. Diesel prices reached record highs, Energy Minister Chris Bowen said on 6 April that shipments were secured well into May, and the government negotiated with suppliers in the United States, Mexico and Asia. Australia and Singapore worked toward a legally binding protocol on essential supplies, and the government ruled out fuel rationing for now. Qantas cancelled flights between Adelaide and Mount Gambier on 14 April. On 15 and 16 April a fire damaged part of the Viva Energy refinery in Geelong, with officials warning it would hit petrol supply. Malaysia's Petronas agreed to supply excess fuel, and on 20 April Viva Energy said output should return to 90% within weeks. Western Australia moved to stockpile diesel, and Australia secured urea supplies. Business and consumer confidence fell sharply, the IMF warned of recession risks, and inflation was expected to reach a three-year high.
Minerals and trade were the second theme. Australia and the US committed $3.5 billion to critical minerals on 12 April, and Lynas planned a rare earths expansion in Malaysia. China lifted a ban on buying BHP iron ore; on 22 April BHP concluded months of talks with China's iron ore buyer, and China granted new beef export licences on 21 April.
Technology also featured. Microsoft said it would invest $18 billion to expand Australia's AI capacity by 2029, Canva acquired two firms and announced a collaboration with Anthropic, and Anthropic opened a local office. On 28 April the government proposed a levy on large technology companies of between 2% and 2.25% unless they reach deals to pay news outlets. Separately, the government confirmed plans to scrap investor tax breaks, Sydney house prices fell, and the country's largest private child care operator closed 40 centres.
by WorldBrief & Maksim Micheliov | AI-generated summary
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