Radio National Breakfast Treasurer says Strait of Hormuz blockage a 'key uncertainty' for the government
Mar 17, 2026
Jim Chalmers, Federal Treasurer overseeing Australia’s economic policy and the budget, discusses rising inflation after recent rate hikes. He talks about regional security commitments and naval escort remarks. He flags the Strait of Hormuz disruption as a major uncertainty for the budget. He outlines government priorities on fuel, cost-of-living support and tax reform options ahead of May.
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No Formal Request For Naval Escorts
- Australia has not been asked to send naval escorts through the Strait of Hormuz and hasn't been considering it in National Security Committee meetings.
- Chalmers says commitment to the region instead included responding to a UAE request and deploying a Wedgetail aircraft to protect Australians.
Hormuz Disruption Is The Budget's Key Uncertainty
- The Strait of Hormuz disruption is the primary economic uncertainty for the government's budget planning.
- Jim Chalmers says the key issue is how long hostilities persist and how quickly global markets and energy infrastructure recover.
Economic Recovery Won't Be Instant If War Ends
- Even if hostilities ended quickly, global economic recovery would not be instantaneous.
- Chalmers warns assuming a war-ending tomorrow leads to naive forecasts; damage to markets and energy infrastructure has lagged effects.