The head of the International Energy Agency said that the amount of oil lost from global supplies in the current crisis is already double that of the oil crises of the 1970s. Speaking at the National Press Club in Canberra, Dr Fatih Birol also said the quantity of gas constricted by the war in Iran is almost double the amount lost from Russia’s invasion of Ukraine. He said Asia is at the forefront of the energy crisis and his current assessment of the situation is “very severe”. Meanwhile, as part of the federal government’s efforts to shore up oil supplies, PM Anthony Albanese yesterday issued a joint statement with Singaporean leader Lawrence Wong on fuel security, with the two countries committing to open trade. Singapore supplies more than half of Australia’s petrol imports and 15 per cent of its diesel and is also a buyer of Australian liquefied natural gas.

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News in brief

The S&P/ASX200 closed down 0.7 per cent, to 8366 points yesterday – the lowest close since May 2025 – after dropping as much as 2 per cent earlier in the session.

Staff at the ABC have voted to go on strike for the first time in 20 years and are set to walk off the job at 11am tomorrow.

A Federal Court judge has criticised lawyers for Coles and Woolworths in their fight over a billion-dollar underpayment claim, saying the case has gone “off the rails” due to their “excessive” written submissions.

Rolls-Royce is the latest of at least 12 global carmakers are scaling back their electric vehicle plans amid ongoing demand for combustion engines and a rollback of supportive policies in both the US and Europe. 

Japan’s government has urged citizens not to panic-buy toilet paper as social media posts suggest people are starting to stockpile daily necessities out of concern over the war in the Middle East.

Fear-o-meter

What does the conflict in the Middle East mean for super funds? Chant West explains.

Super funds delivered a positive return in February, with the median growth fund gaining 1.1% for the month.

However, markets have since come under pressure. Escalation of the conflict in the Middle East in early March pushed oil prices higher and renewed interest rate concerns amid rising inflation.

Share markets have fallen in response, and Chant West estimates the median growth fund is down 3.8% so far in March. This brings the financial-year-to-date return back to about 2.5%.

Chant West head of superannuation investment research, Mano Mohankumar, says that during periods of volatility, it’s important that super fund members see short-term movements in context.

“It’s critical for members to keep in mind that super is a long-term investment and there will inevitably be periods of market weakness through their super journey. While we recognise that members have different levels of comfort when their balance goes backwards, the majority can afford to remain patient, including many older members.”

Fear & Greed Q+A today

In defence of certain software companies, in the wake of the SaaSpocalypse:

 

“No business is a great business just because it’s software.

Software is just a digital delivery mechanism for solving someone’s problem — much the same way as bricks and mortar is via a non-digital channel. So the basis of owning a software company needs to be looked at from what is special about this business — what is the competitive advantage that it has. And that’s something an investor really needs to understand if they want to dive in.”

Greed-o-meter

Singapore's Changi has been named the best airport in the world for the second year in a row, according to the Skytrax World Airport Awards. Australia had six airports in the top 100.

Source: Skytrax World Airport Awards

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