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Australia Dodges Recession as Oil Crashes, Unemployment Rises

7/8/2026

33 7 Full Breakdown

Summary

Story summary

Australia avoided a recession, while oil prices fell from $120 to $72 a barrel and could reach $60 by end-2026.
Inflation fell to about 4% below the May budget’s 5% peak, while unemployment rose to 4.4% and dragged confidence to a 50-year low.
Tim Robinson warned of a two-quarter GDP contraction and per-capita recession, noting mortgage payments rose $350 per month after three 2026 rate hikes.

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Story summary

Australia avoided a recession, while oil prices fell from $120 to $72 a barrel and could reach $60 by end-2026.
Inflation fell to about 4% below the May budget’s 5% peak, while unemployment rose to 4.4% and dragged confidence to a 50-year low.
Tim Robinson warned of a two-quarter GDP contraction and per-capita recession, noting mortgage payments rose $350 per month after three 2026 rate hikes.