Shock of the oil crisis: Australia’s economy could remain affected for years

A man fills up his car at a petrol station in Sydney, Australia as fuel hits record prices in many areas across the country.

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The rise in oil prices due to the ongoing war in the Middle East is having significant impacts on Australia’s economy, with some sectors expected to face greater and longer-lasting pressure than others. In this special podcast interview, Professor Noman Shaheer from the University of Sydney explains which sectors - such as transport, logistics, agriculture, and manufacturing - will be most affected, and why Australia’s geographical location further amplifies these effects.

He also sheds light on the secondary effects on consumer spending, inflation, and business confidence. How long will these impacts last? Is this merely temporary pressure, or the beginning of a long-term shift? In this discussion, we explore answers to these important questions