TOP NEWS
Fines for illegally raising petrol prices in Australia
2026-03-16 01:18:48The government is set to take urgent action to protect consumers as Australia’s fuel price crisis continues. Treasurer Jim Chalmers says the Australian Competition and Consumer Commission (ACCC) will hold a special meeting with petrol suppliers, retailers and motor industry groups on Tuesday. A new report by the ACCC has found evidence that retail petrol prices are rising faster than wholesale prices in some places. Chalmers says this is “unacceptable and unacceptable”. He said businesses found to be doing so would face tough legal action, with the ACCC given the power to issue fines on the spot. The government is also planning to introduce new legislation to impose fines of up to $100 million on businesses that illegally increase petrol prices. Chalmers said the legislation would be introduced when Parliament reconvenes this month. He emphasized that the political situation in the Middle East has increased pressure on global fuel prices, which has placed additional economic pressure on the Australian people.
Current account surplus after 38 years – State revenue rising rapidly
2026-03-15 19:33:19Sri Lanka’s economy is gradually stabilizing after a severe economic crisis, and has managed to record a current account surplus in the government budget for the first time in 38 years, according to the latest economic data analysis. This is the first time in the country’s public finance history since 1987 that such a situation has been reported. One of the main goals set by the government under the economic stabilization program was to increase state revenue to 15.3% of the gross domestic product (GDP). Official data for 2025 is due to be released in the next few weeks, and current estimates indicate that tax revenue has already exceeded that target. When non-tax revenues are also included, the analysis also shows that total state revenue has reached a high level of about 16.8% of GDP. The data also reveals that government expenditure management was successful last year. Accordingly, Non-interest current expenditure – 8.4% of GDP Interest expenditure – 7.6% of GDP Total current expenditure – 16.0% of GDP A current account surplus of 0.8% of GDP has been created due to the government’s total current expenditure being lower than government revenue. Economic analysts point out that in this situation, government revenue has strengthened to a level where it is not necessary to obtain additional loans to maintain the government’s daily consumption expenditure.
A major highway in Sydney is suddenly closed
2026-03-15 01:20:32A section of the Great Western Highway, a major road linking Sydney to Western NSW in Australia, has been temporarily closed, authorities say. The closure comes after serious foundation and structural defects were identified on an old bridge known as Mitchell’s Causeway in the Blue Mountains. The road is expected to remain closed for at least three months for safety reasons. The road is a major transport link used by thousands of drivers every day and has had a major impact on travel between Sydney and Western NSW. Drivers have been forced to use alternative routes after the road was closed, with some journeys reportedly taking up to two hours. Transport for NSW says geotechnical investigations and repairs must be completed before the road can be reopened. In the meantime, additional train and bus services are planned to support local residents and traffic.