Men almost twice as likely as women to earn high salaries in ‘reality check’ on Australia’s gender pay gap

Men are nearly twice as likely as women to be making $220,000 a year, with minimal progress made on closing Australia’s gender pay gap in the past 12 months.The federal government’s Workplace Gender Equality Agency (WGEA) published its gender pay gap results for 10,500 employers on Tuesday. It revealed there was a slight increase in the number of women in highly paid roles, but men were still 1.8 times more likely to be in the upper quartile of earners on an average salary of $221,000.On the other hand, women were 1

Middle East crisis pushes up oil prices – and could drive inflation rises too

The impact of the deadly and unpredictable conflict in the Middle East on the global economy will be felt most immediately, and keenly, through the rising cost of oil.Prices jumped on Monday, as markets had their first opportunity to digest the weekend’s tit-for-tat attacks. A barrel of Brent crude oil was trading at about $79 (£59) by lunchtime in London, up about $6 or 8.5% on the day.The price had already risen significantly this year, from just above $60 in January, as tensions between the US and Iran intensified

Rolls-Royce boss ‘open’ to Germany joining UK’s fighter jet project

The boss of Rolls-Royce has said he would welcome Germany helping to build Britain’s next-generation fighter jet, arguing it would bring in more business for the project.The aircraft, designed to replace the Eurofighter Typhoon, is a joint effort between the UK, Italy and Japan. Rolls-Royce is building the engine for the jet, which has attracted fresh attention as plans for a rival Franco-German warplane edge towards collapse.Tufan Erginbilgiç, who has run the engineering company since 2023, said he would “definitely be open” to Germany joining the global combat aircraft programme (GCAP), also known as Tempest.“We already work with Germany … we have a big position in Dahlewitz [a Rolls-Royce factory near Berlin]

OBR a backseat driver with out-of-date maps, thinktanks tell Rachel Reeves

Rachel Reeves must reform the Office for Budget Responsibility (OBR) to open the way to more public investment, an alliance of thinktanks has argued ahead of the chancellor’s spring forecast on Tuesday.With Keir Starmer’s government under intense pressure after Labour’s defeat by the Greens in Thursday’s Gorton and Denton byelection, the thinktanks called on Reeves to review the watchdog’s remit.The coalition includes the Labour group Progress, usually considered on the right of the party, the leftwing thinktanks the New Economics Foundation (NEF) and Common Wealth, and the feminist Women’s Budget Group.They said: “It has become increasingly clear that our current framework is contributing to instability, short-termist underinvestment and a lack of focus on long-term risks and opportunities.”Reeves is expected to focus in the spring forecast on Labour’s progress in restoring fiscal stability and point to evidence of a nascent economic recovery

Waiting on a tariff refund after Trump’s duties were struck down? Don’t bother | Gene Marks

Now that the supreme court has found that the Donald Trump exceeded his authority to levy tariffs, the big question for many businesses – particularly small businesses who were so hard hit by these tariffs – is are they able to get their money back?Don’t hold your breath. When it comes to tariffs, Trump still has many more tricks up his sleeve.He can use section 223 of the Trade Expansion Action Act of 1962 (along with section 301 of the Trade Act of 1974) to levy tariffs on specific industries and sectors, like Joe Biden did on Chinese steel, semiconductors, electric vehicles and other products during his term. Or – as he’s recently threatened – he can use another section of the 1974 trade act to increase tariffs to 15% for 150 days which gives him “balance-of-payments authority”.Although both tactics are limited and reviews, public comment and – in some cases – congressional approval are required, they can be pushed to their limits and there’s little doubt that the president will do just that

What is the strait of Hormuz and why is it crucial for oil supplies?

The US-Israeli war on Iran has ignited fears that escalating military aggression in the Middle East could send oil prices soaring, push up prices at the pump and drive a global economic downturn.The US began “major combat operations” in Iran on Saturday morning, shortly after Israel launched a strike against Tehran. Within hours of the US-Israeli strikes, Iran’s Revolutionary Guards reportedly warned tankers in the strait of Hormuz that no ship would be allowed to pass through the world’s most critical oil trade route.Iran has not formally confirmed a block on the narrow waterway, which would be an unprecedented escalation in the region, but ships appear to be avoiding the strait after an attack on a ship off Oman. At least 150 tankers carrying crude, liquified natural gas and oil products had dropped anchor in open waters across the Gulf past the strait on Sunday, Reuters reported