The world’s finances weren’t ready for an energy shock of this magnitude

The global economy faces a severe crisis following the U.S. and Israel's military actions against Iran, which have resulted in soaring energy prices and escalating debt. Countries like Australia are responding with temporary measures, such as halving fuel excises, potentially costing $2.55 billion. Global debt has reached $348 trillion, forcing governments into precarious financial situations.

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Summary by Glance · Original reporting by SMH