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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 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 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.

Jul 7, 2026 Australian economy Australia news Australian politics

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Australian economy Jul 7, 2026 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 pinchGet our breaking news email, free app or daily news podcastFears of a reces...

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 pinchGet our breaking news email, free app or daily news podcastFears of a reces...

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