Ian Verrender

So that gives you a bit of an idea of the fuel bill.

And when you're talking about $600, $800 million in profit hit, well, that wipes out pretty much most of your profit for the year, doesn't it?

That's right.

So right at the moment, both airlines are looking at why run two services between capital cities that are half full, combine them.

So these are the initial kind of cutbacks that we're seeing.

I think you're probably going to see, if this really deteriorates the situation, you're going to see airlines start to cut services.

Well, look, at least there's, you know, talk about continued negotiations between the US and Iran.

So that's a positive factor.

So you'd have to say that's a bit more optimism than at the start of the week.

Thanks, Carrington.

And I'm the ABC's Chief Business Correspondent, Ian Verder.

Short answer is we don't have it.

We've got some oil there, but we don't have a lot.

And I mean, look, I really do understand the thinking and why people would automatically go to that, because you've seen America with Donald Trump saying drill, baby, drill.

Suddenly they've become the world's biggest oil producer and the world's biggest oil exporter.

And it wasn't that long ago that Australia actually was a net exporter of oil.

We had more than enough to cover our own supplies.

But unfortunately, that's all gone.

But the thinking from most Australians is, I think, we're a mineral and energy and agricultural rich nation.

Iron ore, we've got more than anybody else.