Australia PM Warns Economic Shocks Could Last for Months
By James Glynn
SYDNEY--Australian Prime Minister Anthony Albanese has warned that the economic shocks of the war in Iran could last for months.
"The reality is the economic shocks caused by this war will be with us for months," Albanese said in an address to the nation on the government's response to the energy crisis now threatening to put the economy into recession.
Albanese also called on motorists to only use the fuel they required as a national four-day Easter weekend approached, while also advocating for the use of public transport where possible.
"If you are hitting the road, don't take more fuel than you need...think of others," Albanese said.
"The months ahead may not going to be easy...No government can promise to eliminate the pressures that this war is causing," he added.
Economists have warned that the Australian economy could contract in the second quarter as the Reserve Bank of Australia raises interest rates further to force inflation back down, while soaring gasoline costs and shortages crush confidence and threaten to stall activity.
In an effort to curb the pain of high fuel costs, the federal Labor government announced this week that taxes on gasoline will be halved for three months.
Write to James Glynn at james.glynn@wsj.com
(END) Dow Jones Newswires
April 01, 2026 04:42 ET (08:42 GMT)
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