The Australian share market has recorded its biggest gain in a year, adding more than $65bn in value across the ASX in response to the Iran war ceasefire announcement.

The benchmark S&P/ASX 200 closed the day at 8,951.8 points, up 2.55%.

It was the biggest single trading day increase since April 2025, when a US decision to pause reciprocal tariffs sent global markets soaring.

Madison Cartwright, a senior geo-economics analyst at the Commonwealth Bank, said the cessation of hostilities had likely brought forward the end of the Iran war from June to May.

“The ceasefire is a significant positive step but it represents the beginning of a potential end to the war, not a resolution,” he said.

Equity markets have been pulled up and down by the Middle East conflict, given energy disruptions contribute to global inflation by elevating costs across nearly all goods and services.

Oil prices plunged by almost 15% after Donald Trump said he would suspend bombing of Iran for two weeks.

Eight of the ASX’s 11 sectors reported gains today, while the energy sector recorded steep losses. Shares in Australia’s biggest oil and gas company, Woodside Energy, fell by more than 10%.

The former prime minister John Howard has released a statement about the arrest of Ben Roberts-Smith, saying it “will tug at the heart strings of millions of Australians”.

Howard said Roberts-Smith is “the modern personification of the great Anzac tradition” to “some Australians”.

Having been charged, Roberts-Smith is entitled to the presumption of innocence. Australians will expect that his trial is conducted according to the best traditions of our justice system and as expeditiously as possible.

Ben Roberts-Smith is better known than most amongst the countless thousands of men and women who have served in the Australian Defence Force …

This is a difficult issue for many, as it tests to the limits not only our respect for Australian values, but the deep and special reverence we have for those who put their lives on the line to keep us safe.

Thousands of Australian ute drivers have been urged to take their vehicle back to the manufacturer after the discovery of a potentially deadly fault that could affect its steering, AAP reports.

The federal transport department issued a recall on Wednesday for 13,390 Toyota Hilux utes produced between August 2025 and February 2026.

The issue has affected utes fitted with a bull or nudge bar including a light, and has the potential to cause an electrical problem.

The recall comes one day after the Toyota Hilux ranked as the second-most popular vehicle in Australia, according to figures from the Federal Chamber of Automotive Industries.

A rollercoaster at Movie World has ground to a halt mid-ride, leaving passengers stranded on the track, approximately 10 metres high.

A spokesperson for the Gold Coast theme park confirmed the DC Rivals HyperCoaster “had a stoppage due to a ride sensor activation”.

They said people on board exited the ride from “safe stop zones” with the help of staff, “before walking down the lift hill”.

At all times throughout the stoppage, the guests on board were safe and our team were in constant communication with them … ride stoppages are proof rides systems and operators are doing as they are designed and trained to do to keep our guests safe.

Guardian Australia’s Josh Nicholas and Andy Ball have brought together the latest data on Australia’s fuel prices, service station outages and shipments in charts.

Check how much petrol and diesel prices have risen near you in Sydney, Melbourne and across the country since the US and Israel’s war on Iran began in late February.

Read more here:

The shadow minister for foreign affairs, Ted O’Brien, says the Coalition welcomes reports of a two-week ceasefire between the United States and Iran.

In a statement released this afternoon, O’Brien said reopening the strait of Hormuz is “clearly in Australia’s national interest” but “no one should mistake this for stability”.

Throughout this conflict, the United States and Israel have done the heavy lifting on behalf of the free world as they seek to secure a set of clear objectives and they deserve Australia’s support …

While the re-opening of the Strait of Hormuz is evidently good news for the global economy, just as the negative impacts of the closure of the Strait will take time to fully flow through to Australia, so too will the positive impact of its reopening.

The Coalition calls on the government to clearly explain the impact that the conditional reopening of the Strait of Hormuz will have on fuel prices and fuel supply in Australia.

Transport workers believe the Australian industry faces an existential crisis as soaring diesel demand and rising fuel costs bleed businesses dry, AAP reports.

Truck drivers hauling goods across the nation are calling on large retailers, manufacturers and mining companies to increase fuel levies, or else fall off a debt cliff.

Unions and transport employers are at the Fair Work Commission in Sydney arguing large businesses should be compelled to calculate fuel prices on a weekly, rather than a monthly, basis.

The application calls for extra costs as a result of the different calculation method to be covered by clients, and passed down through the supply chain.

“If we don’t get this right, then the road transport industry will grind to a halt,” Transport Workers’ Union secretary Michael Kaine told reporters on Wednesday.

“Road transport is the backbone of the Australian economy, and we must attend to this present existential crisis.”

The Nationals leader, Matt Canavan, has said his party is winning the war against net zero by 2050 emissions policies, and that delivering real results is the way to stop voters deserting the Coalition for One Nation.

Pauline Hanson’s party could win next month’s Farrer byelection, after picking up four seats at the South Australian state election in March.

Canavan told the National Press Club in Canberra on Wednesday:

The formula is to focus on the Australian people.

Primarily, we’ve got to deliver results for them, not focus on winning seats.

We obviously need to win seats to be in government, but if that remains the focus of what we’re doing, we’ll miss the mark, and people will switch off.

Canavan said the Nationals are winning the net zero debate, and accused Labor of not talking about net zero because the opposition had shown up its “absurdities”.

“We’ll point out the emperor has no clothes, and we’re going to win. We’ll win on that basis,” he said.

Jackie “O” Henderson sent a text message to the head of the Kiis FM network five months before she walked off air saying listeners were complaining that she was in an “abusive relationship” with former co-host Kyle Sandilands.

Court documents show the former co-host of the Kyle and Jackie O Show has alleged in her wrongful termination claim against the network that she was subject to “degrading” comments by Sandilands on air.

The allegations also reveal a number of conversations had between Henderson and senior producers at the network.

Read more here:

More on the prime minister’s criticism of Donald Trump earlier today: Anthony Albanese welcomed a two-week ceasefire deal between the US and Iran that is set to temporarily reopen the strait of Hormuz, and issued a rare criticism of Donald Trump for threatening that a “whole civilization will die”.

The prime minister has avoided criticising or even weighing in on Trump’s increasingly inflammatory language, including on Monday when the president issued an expletive-laden threat in which he demanded Iran “Open the Fuckin’ Strait” of Hormuz.

Albanese has also declined to respond to Trump’s repeated criticisms of Australia for not directly assisting the war effort, although the prime minister has been more forthright in the past week in questioning the objectives of the operation.

Read more here:

US president Donald Trump declared today a “big” moment for world peace, saying “Iran wants it to happen, they’ve had enough!”

In a post on Truth Social, Trump said the US would help with a buildup in traffic in the strait of Hormuz during the two-week ceasefire, saying there will be a “lot of positive action”. He went on:

Big money will be made. Iran can start the reconstruction process. We’ll be loading up with supplies of all kinds, and just ‘hangin’ around’ in order to make sure that everything goes well. I feel confident that it will. Just like we are experiencing in the U.S., this could be the Golden Age of the Middle East!!!

New Zealand has called on the US to send fuel tankers to the Pacific to help alleviate some of the significant economic and fuel pressure caused by the war in the Middle East.

Winston Peters, New Zealand’s foreign minister, met the US secretary of state, Marco Rubio, in Washington on Tuesday, where they discussed bilateral relations, the war in Iran and the Pacific.

After the meeting, Peters said he had made sure the US understood the “significant economic impacts on New Zealand and Pacific arising from the war”.

Read more here:

Australia’s share market has rallied after the US and Iran agreed to a two-week ceasefire, during which crude oil and gas tankers will be able to transit the strait of Hormuz.

The S&P/ASX200 was up 2.47% by midday as the broader All Ordinaries gained 2.59%, AAP reports.

Oil prices sank to the lowest levels since 12 March, with both Brent and West Texas benchmarks falling below US$100 a barrel, down more than 20% from recent peaks. ASX-listed oil, gas and coal producers sold off sharply, stripping the energy sector of almost 8% of its value.

The Australian dollar was higher, buying 70.68 US cents, from 69.19 US cents on Tuesday at 5pm.

Angus Taylor, the opposition leader, held a press conference earlier today where he said that while he wouldn’t use the same words as the prime minster did towards Donald Trump, he’s glad the US has agreed to a ceasefire in its war in Iran.

Albanese said earlier on Sky News that Trump’s threats to Iran, which were meant to expire this morning, presented “cause for concern”, saying he didn’t think it was “appropriate” for Trump to use such language. The federal government had largely declined to comment on Trump’s rhetoric until now.

Taylor said while he wouldn’t have echoed the prime minister directly, the outcome and ceasefire is “what I want to see”.

We’ve got to a ceasefire. And that is what we welcome, and that’s because we want to see these ships moving again … That’s the crucial thing for Australia.

Fuel shortages have continued to drop in NSW, data from the state government shows.

As we reported earlier, the federal energy minister, Chris Bowen, said the number of service stations that have run out of diesel and petrol has fallen in recent days and continues to come down. An update from the NSW state government reflects that downward trend.

As of 8am today, 27 stations in NSW were out of all fuel types, while 124 were out of diesel or premium diesel. Those numbers have reduced slightly since yesterday, when 34 petrol stations were without any fuel, and 125 didn’t have any diesel or premium diesel. As we reported then, the number of shortages has roughly halved since last Tuesday, when 61 stations were without fuel of any kind, and 247 stations were out of diesel.

Last week the premier, Chris Minns, attributed the initial drop to people waiting for the excise reduction to kick in before filling up. The federal cut, as well as an additional reduction from states agreeing to forgo increased GST from fuel sales, have been in place since last Wednesday and Thursday respectively.

Petrol prices rose at service stations across Australia this morning for the first time after more than a week of falls.

More survivors of the Bondi terror attack are attempting to suppress their identities in ongoing court proceedings against the alleged gunmen Naveed Akram.

In December, the court granted an interim suppression order protecting the identities of a number of survivors of the attack unless they give their consent.

More survivors will seek to also have their identities protected after Crown prosecutors applied to vary the suppression order in the Downing Centre local court on Wednesday. The variation application will be heard on 6 May.

Akram, 24, and his father, 50-year-old Sajid Akram, allegedly killed 15 people after opening fire at a Hanukah festival at Bondi beach on 14 December.

Akram, who survived a shootout with police, has been charged with 59 offences, including 15 counts of murder and one count of committing a terrorist act that investigators allege may have been “inspired by Isis”. Sajid Akram was shot and killed by police at the scene.

The Australian share market has surged in morning trade and oil prices have tumbled by more that 10% after the US and Iran agreed to a two-week ceasefire.

The benchmark S&P/ASX 200 index has jumped 2.5% to 8,943 points, while the international Brent crude benchmark plunged by 13% to $US94.72 a barrel.

Iran has flagged it’s “possible” that shipping through the strait of Hormuz could resume during the cessation of hostilities, following five weeks of an effective closure that has triggered surging energy prices around the world.

The Aussie dollar climbed 1 US cent to 70.61 US cents on this morning’s news.

David Bassanese, the chief economist at Betashares, warned that “the ultimate end-game remains very uncertain” and said investors should not get too ahead of themselves.

“Trump is likely still looking for a face-saving exit, but Iran does not want to oblige so easily,” he said.

“One thing is certain: events in Iran will remain centre stage for investors for at least the next two weeks and uncertainty will continue to buffet markets.”

The prime minister, Anthony Albanese, pushed back against Donald Trump’s threats to Iranian civilian infrastructure, saying the president’s claims were not “appropriate” and could have caused greater global economic damage.

Albanese was interviewed by Sky News host Kieran Gilbert on TV, calling the potential reopening of the strait of Hormuz “very positive”. After the ceasefire deal agreed to by the US and Iran, Gilbert asked Albanese about Trump’s threats to Iranian bridges and power stations.

“The potential of damage to civilian infrastructure in Iran was an extraordinary statement to make, and also the impact that would have arisen from an escalation from Iran’s response would have led to greater global economic damage,” Albanese said.

We’re already seeing substantial impact from a war that’s on the other side of the word but having an impact on Australians here.

The Albanese government has largely declined to comment on Trump’s rhetoric and actions, even as the US president’s threats and stances grew increasingly aggressive.

Asked specifically about Trump’s language overnight – claiming a “whole civilisation will die tonight” unless Iran agreed to a deal – Albanese said: “I don’t think it’s appropriate to use language such as that, from the president of the United States.”

I think it will cause some concern, which is there … We’ve said the conduct of any conflict must be within international law, that includes making sure that civilians not party to the conflict are given every protection possible.

Asked if that could constitute a war crime, Albanese replied: “It’s a long step between a tweet and that suggestion.”

This is very positive, we hope it leads to a permanent de-escalation and an end to the conflict and a resolution that allows the world to go forward, this is having a big impact on Australians.

Tropical Cyclone Maila has surged to become the season’s strongest storm, growing in intensity in the warm waters of the Solomon Sea, AAP reports.

On Wednesday morning, Maila was upgraded to a category 5 system, with maximum sustained winds of around 215km/h, and stronger gusts.

While the eye is positioned at sea between Solomon Islands and Papua New Guinea, the cyclone’s effects are being felt in the two nations.

Most modeling expects Maila to head across the tip of the Papuan Peninsula towards far north Queensland, mirroring the track Narelle traversed.

It is unclear when the cyclone will arrive, or at what intensity, with some models suggesting a sharp downgrade.

Victoria police have discovered a body and are now investigating the suspicious death of a man in the town of Ouyen.

The body was discovered at a rural property around 1.30pm on Tuesday.

Authorities said while the body has not been formally identified, they believe it is that of a man, Richard, who has been missing since Easter Sunday.

Detectives and major crime scene units are currently on the scene.

Petrol prices rose at service stations across Australia this morning, the first day of increase after more than a week of falls.

The resurgence marks the end of a reprieve in fuel prices, though the increase to date are tiny: Sydney’s average unleaded price rose from 224.9 cents a litre on Tuesday to 225 this morning, according to MotorMouth. Diesel had already been rising in price since Friday.

The retail prices at service stations mirror movements in wholesale prices, with unleaded wholesale costs stopping falling on Tuesday and jumping 4 cents a litre higher today, according to the Australian Institute of Petroleum.

Diesel wholesale prices have steadily risen since last Wednesday and jumped a massive 20 cents a litre higher today, AIP data shows, boding poorly for diesel prices to come.

The wholesale price rises reflect sustained increases in the price of crude oil, with the West Texas Intermediate spending most of the last week above US$110 a barrel.

Crude prices this morning fell to a two-week low and now sit at about US$96 in the wake of Donald Trump’s US-Iran ceasefire announcement. Even if the price fall persists, it will take time to flow on to prices at the pump.

Ben Roberts-Smith has not applied for bail and will remain in custody after being charged with alleged war crimes.

The former SAS soldier and Victoria Cross-recipient was expected to make his first court appearance on Wednesday after being charged with five counts of the war crime of murder in relation to alleged offences in Afghanistan between April 2009 and October 2012.

Roberts-Smith did not appear. Instead, his legal representative, Jordan Portokalli, told the court that no application for bail would be made today, asking for the matter to be listed for mention at the Downing Centre local court in Sydney. He asked for the judge, Lucas Swan, to consider listing the matter today, but acknowledged this might be a “pipe dream”.

Swan ordered that the matter be listed before Downing Centre on 4 June. As no application was made for bail today, Roberts-Smith is required to attend his next appearance via videolink.

A man has been questioned by Queensland police for holding a piece of paper reading “sea to the river” at a small rally against a ban on pro-Palestinian expressions.

The law prohibits two expressions, one of them “from the river to the sea”, which is a common chant used by the pro-Palestine movement. A section banning similar expressions was included in the draft bill but removed from the final version.

Liam Parry, the first charged under the law, faces the Brisbane arrest court today. Dozens of protestors have turned up to protest the charge.

Mark Gillespie held a small piece of paper reading “from the sea to the river, Palestine will live forever free speech now!”.

He said he’d told police the expression was not banned under the law, but was told it was prohibited under a different section banning specific symbols.

“I think it’s an attack on free speech. That’s why I made the made the sign. It’s about, they’re trying to criminalise people,” Gillespie said.

• This post was amended on 8 April 2026 to remove a detail that could not be verified.

Billionaire mining magnate Gina Rinehart said in a statement she doesn’t understand how it is “justified” to spend millions in taxpayer dollars to try and bring SAS veterans “towards criminal proceedings”, including the recent arrest of Ben Roberts-Smith.

Rinehart said she believes the money used to prosecute former soldiers would have been better served “strengthening Australia’s security”, saying she hopes Roberts-Smith’s contributions to the nation are “never forgotten”. She went on:

Have we lost sight of the fact that in our inadequately defended country, facing uncertain times, the morale of our defence force has already been brought to its lowest ebb since inception, our defence personnel numbers are inadequate, and recruitment is suffering.

Surely, the more than $300 million of taxpayers’ money would have been far better spent strengthening Australia’s security and keeping Australians safe from terrorism, including removing terrorists and their supporters from our country.

Like many Australians, I hope that compassion and the Aussie spirit is extended to Ben and his family and his duty to our country in the hardship of war is never forgotten.

US president Donald Trump has delayed his ultimatum to Iran after speaking with leaders in Pakistan. The delay will last for two weeks.

Trump said the country had requested he hold off on “the destructive force being sent tonight to Iran” amid an agreement for the “COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz”. He wrote on Truth Social:

This will be a double sided CEASEFIRE! The reason for doing so is that we have already met and exceeded all Military objectives, and are very far along with a definitive Agreement concerning Longterm PEACE with Iran, and PEACE in the Middle East. …

Almost all of the various points of past contention have been agreed to between the United States and Iran, but a two week period will allow the Agreement to be finalized and consummated.

Nationals leader Matt Canavan said Donald Trump’s threats towards Iran underscored the need for Australia to try to de-escalate the rhetoric coming out of the US.

He told RN Breakfast:

I think it’s incumbent on us to implore our friends in the United States to de-escalate this and de-escalate it fast. It’s gotten out of hand very quickly.

Now’s the time for Australia and the prime minister to make it very clear that we can’t support this type of approach to any kind of conflict … we’ve got to try and find an off ramp here, both for the people of the Middle East and also for the world that’s suffering the horrific consequences of this conflict.

Canavan is due to speak before the National Press Club later today.

The new Nationals leader, Matt Canavan, is speaking at the National Press Club in Canberra today. He will outline what he calls “a Patriot Agenda for an Australian Economic Revival”.

The plan involves five areas of focus, including an Australian “manufacturing renaissance”.

Canavan says that would be delivered “through the protection of key industries against unfair competition” and calls for all available tools be used, including the reintroduction of tariffs.

He says Australia’s border should be closed to “mass migration” and net zero by 2050 policies for carbon emissions should be scrapped, and calls for a new national works program, construction of new cities and a new baby boom.

“I don’t agree with Donald Trump that ‘tariff’ is the most beautiful word in the English language, but it’s not a dirty word either,” Canavan will say.

“A tariff is just a tool – a tool we already use when we apply anti-dumping actions, albeit in an ad hoc way.

“Other countries are trying to steal our jobs and our industries. We must respond with a more permanent approach to protecting the industries that are crucial to our sovereign capability.”

The prime minister has spoken to Chinese premier Li Qiang over the phone to discuss energy security, as the government moves to secure fuel supplies with nations across Asia.

Anthony Albanese confirmed on Tuesday he would be flying to Singapore this week to lock in fuel imports.

The PM’s office said the two leaders spoke on Tuesday and agreed to increase communication and ensure Australia and China are “both working in support of regional energy security”. China is a key exporter of jet fuel to Australia.

The government says engagement with china are “central to a mature, stable and constructive relationship”.

Australia’s most decorated living soldier will appear in a Sydney local court today.

The former SAS corporal and Victoria Cross recipient Ben Roberts-Smith was arrested by the Australian federal police on Tuesday. He has been charged with unlawful killings during Australia’s military campaign in Afghanistan.

He was held at Silverwater correctional centre overnight and designated as a high-profile detainee, so was allotted a single cell, although he was technically not in solitary confinement.

He is expected to apply for bail at the hearing. Roberts-Smith has always denied any wrongdoing in Afghanistan.

The charges against Roberts-Smith, 47, comes after a landmark civil ruling in 2023.

In that defamation case, which Roberts-Smith himself initiated against the Sydney Morning Herald, the Age, and the Canberra Times, a federal court judge found to the civil standard of substantial truth that the soldier had been involved in four murders while deployed in Afghanistan.

However, that defamation trial is irrelevant to the criminal proceedings. The standard of proof required for a criminal conviction (beyond reasonable doubt) is far higher than that needed in a civil case (balance of probabilities).

Those findings included the 2009 killing of a handicapped man at a compound known as Whiskey 108 and the 2012 kicking of a handcuffed prisoner, Ali Jan, off a cliff in Darwan.

Good morning and welcome to our live news blog. I’m Martin Farrer with the top overnight stories and then it’ll be Nick Visser with the main action.

Anthony Albanese spoke to Chinese premier Li Qiang over the phone last night to discuss energy security, as the prime minister prepares to travel to Singapore as part of efforts to secure fuel supplies with nations across Asia. More coming up.

Ben Roberts-Smith, Australia’s most decorated living soldier, will appear at a Sydney local court today charged with five war crime murders. We have more details coming up, and will bring you updates as the story unfolds today.