A prolonged oil shock could cost Australia’s economy $42 billion throughout 2026, modelling from EY has found.
The RBA deputy governor has highlighted the ‘three-bucket approach’ needed to address the supply shocks affecting the economy, emphasising that monetary policy is not a silver bullet.
Holistic tax reform and long-term productivity-boosting measures rank high on BDO experts' May budget wishlists.
The upcoming federal budget will focus on “resilience and economic reform”, with Australia facing higher inflation and slower growth as a result of the conflict in the Middle East.
The seasonally adjusted unemployment rate remained steady at 4.3 per cent in March 2026, data from the ABS has shown.
Business advocates around the country have highlighted the impacts businesses are facing from the Middle East conflict, with surveys revealing financial and solvency issues amid rapidly climbing overheads.
Australian consumer sentiment has dropped by 12 per cent over the past month amid surging fuel prices and rate rises.
A recent OECD report has suggested that Australia’s tax system needs an overhaul to boost economic growth and competitiveness.
Economists predict lingering inflation in 2026, followed by interest rate cuts in 2027, despite a two-week extension of the Strait of Hormuz opening.
A prolonged conflict in the Middle East or the continued closure of the Strait of Hormuz would further intensify pressure on supply chains, the credit agency has warned.
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