Government levers: diplomacy, rules and controls

Australia is facing skyrocketing oil prices and demand, as supply is blocked at the strait of Hormuz amid the US and Israel’s war on Iran. With only 30 days of supply onshore, the International Energy Agency says this crunch is worse than the fuel crisis Australia faced in 1979. Business editor Jonathan Barrett and political editor Tom McIlroy join Reged Ahmad to discuss the scale of the economic pain to come, and whether the government will use this moment as an opportunity for bold reform