Australia’s land value has gone through the roof. Where does that leave young people who want to buy a home? | Greg Jericho

Land, it is fair to say, is important.In Australia this is very much the case – and even more so in the past 25 years.Last week the Bureau of Statistics released the December 2025 national accounts figures for finance and wealth. These get less attention than the other national accounts, which have the GDP figures, but given they contain the breakdown of household wealth they are vital to understanding why younger Australians especially feel the economy is not working for them.In 2025, total Australian household wealth increased by $1,751bn – 49% of that, or $859

Would more North Sea drilling mean lower energy prices for UK consumers?

Oil prices hit $100 a barrel soon after the US and Israel launched their attack on Iran, and though prices have wobbled since, ongoing supply issues from the partial closure of the strait of Hormuz mean they could leap higher, to $150 a barrel or more, by some estimates.The impacts could be severe – not just increases in the price of petrol, and oil for home heating, but also in the cost of gas, with knock-on inflationary pressures on food, consumer goods and industrial components.Kemi Badenoch, leader of the Conservative party, this week laid out a plan to “get Britain drilling”, which would involve opening new oil and gasfields in the North Sea, to maximise production, alongside measures to cut energy bills. Here we look at this plan and whether it would work.No

Housebuilder Berkeley to halt buying new land and hiring staff

One of Britain’s biggest housebuilders has said it will stop buying new land and hiring new staff, as it grapples with the impact of the Iran war on the property market.The London-focused housebuilder Berkeley said it would cut costs as it warned that “geopolitical volatility” and reduced potential for interest rate cuts could weigh on the business.The FTSE 100 company said it would stop buying new land, implement a hiring freeze and employ fewer subcontractors.The group now expects to report more than £1.4bn in pre-tax profit from 2027 to 2030, compared with an earlier forecast for about £450m this year and in 2027

BP is operating in a world of ‘significant complexity’, new boss tells staff

The new boss of BP has told staff that the oil company is operating in a world of “significant complexity” as it attempts to rebuild its strategy under a fresh leadership team.In her first message to staff as BP’s chief executive, Meg O’Neill promised a “clear direction and consistency” after a tumultuous period for the 117-year-old fossil fuel company, in which it has pivoted away from a failing green strategy.BP’s third chief executive in under five years has stepped into the top job during the fifth week of the Iran war, a conflict that has triggered the global industry’s biggest supply shock.In a staff memo seen by the Guardian, O’Neill said: “Right now, we’re operating in an environment of significant complexity: geopolitical tension; conflict; rapid technological change; and shifting global energy demand.”“I believe that we, as a company, have a clear job to do: delivering energy to the world, today and tomorrow – safely, reliably and efficiently,” she added

Chancellor meets UK supermarket bosses to discuss cost of living

The bosses of the UK’s biggest supermarkets are to meet the chancellor on Wednesday as the government seeks to gauge the extent of potential price rises and shortages of household essentials amid a surge in energy, fuel and fertiliser costs.Rachel Reeves is meeting the bosses of Sainsbury’s, Tesco and Morrisons as concerns rise about the potential impact on the cost of living – including higher food prices – as a result of the Middle East conflict.A Treasury source said the intention was to work with the supermarkets to identify any potential supply squeezes caused by the conflict, and to understand the likely impact on the cost of living in the coming months.“It’s very much a fact-finding, open discussion,” they said.Allan Leighton, Asda’s executive chair, is not expected to attend but has called on the government to “stand up and start doing stuff” to support farmers and ease the price of fuel, warning that food prices would inevitably rise as a result of the conflict

Two-thirds of UK hospitality businesses plan to cut jobs and one in seven will close, survey finds

Two-thirds of hospitality businesses are planning to cut jobs as a result of “suffocating” costs imposed by government, as new business rates and higher wage bills come into force.Many pubs, restaurants and hotel companies will see their costs increase significantly from 1 April after Rachel Reeves’s changes to business rates and an increase in minimum wage thresholds announced at the chancellor’s November budget.An industry-wide survey of 20,000 hospitality businesses has found that as a direct result of the cost increases, 64% of firms plan to cut jobs, 42% intend to reduce trading hours and one in seven will be forced to close.“Hospitality businesses enter April facing billions of pounds in additional costs, which will force many to make heartbreaking decisions,” said bodies including UKHospitality and the British Beer and Pub Association, in a joint statement. “Hospitality’s tax burden – the highest in the economy – is suffocating the sector