Guardian Australia
Worst-case scenario modelling by Treasury shows oil prices as high as $200 a barrel in September quarter and inflation at 7.25% due to Iran war Federal budget 2026 LIVE updates: Australia government budget announcement and speech – latest news Explore all of our 2026 Australia federal budget coverage Get our breaking news email , free app or daily news podcast Australia would be pushed to the brink of recession and inflation would surge past 7% if the oil crisis sparked by the Middle East conflict dramatically worsened, according to new Treasury modelling. The budget papers reveal the scale of the economic damage that the US and Israel’s war on Iran has – and could – cause Australia and the rest of the world. Continue reading...
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