Australia faces ‘sharp recession’ if US escalates Middle East war

Australia risks a sharp recession due to potential U.S. military escalation in the Middle East, economist Harry McAuley warned on Thursday. Oxford Economics projects GDP could contract 0.3 percent in the June quarter and 0.8 percent by September, marking the sharpest slowdown since the early 1990s. Higher oil prices and energy shortages are expected to exacerbate the economic impact.

Read more on 7 News →