Recession off the cards but Australia faces dreary outlook, economists say
De-escalation of war in the Middle East has lowered oil prices and eased fears of economic downturn but households are still feeling the pinch
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Fears of a recession have fallen away, with economists saying that Australia is set to safely navigate the https://www.theguardian.com/business/2026/apr/14/imf-world-economic-outlook-energy-crisis-global-recession-australia-fuel">biggest global oil supply shock in history even as they warn of sub-standard growth in the year ahead.
The de-escalation of the Middle East conflict has been accompanied by https://www.theguardian.com/australia-news/2026/jun/21/oil-price-petrol-prices-australia-fuel-crisis-us-iran-war-lower">a major retreat in global oil prices back to prewar levels, essentially removing the worst-case scenarios contemplated before Donald Trump’s wobbly ceasefire with Iran was announced in mid-June.
https://www.theguardian.com/business/2026/jul/08/economy-of-australia-avoids-recession-consumer-pessimism-lingers-economists">Continue reading...