The Guardian Australia
·general
·1 hour ago
Australia faces recession risk if Middle East conflict escalates, Treasury warns
Australia faces recession risk if Middle East conflict escalates, according to Treasury modelling released Tuesday in the federal budget. A worst-case scenario shows oil prices reaching $200 a barrel and inflation surging to 7.25%, with unemployment rising to 5%. Treasurer Jim Chalmers said Australia would avoid recession under current assumptions but acknowledged the economy remains vulnerable to overseas developments.
Summary by Glance · The Guardian Australia
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