Australian not immune from economic impact of Russia's war on Ukraine: PM Morrison

March 9, 2022

BY (AA)

Australia is “not immune” from the economic fallout of Russia’s war on Ukraine, which will be “profound” in the longer run, the country’s prime minister said on Tuesday.

“Europe will, of course, suffer the biggest economic impacts from Russia’s aggression,” Scott Morrison said in a virtual address to the Australian Financial Review (AFP) business summit.

“The uncertainty caused by the conflict - and how bad it might get, and is likely to get - is already having negative confidence effects that are weighing on both financial markets and Europe’s real economy.”

However, he warned that the economic implications of Moscow’s “brutal, unprovoked and unconscionable” actions “are wider than just Europe.”

“Global oil prices have traded over $130, the highest since 2008. And this reflects expectations of supply interruptions for many months to come,” he said.

Australia is likely to witness limited direct impact because its “merchandise trade with Russia and Ukraine is 0.2% of our total two-way trade with the rest of the world,” Morrison added.

“Commodity price rises will be the most obvious transmission channel to Australia. Petrol prices in Australia have risen, like they are elsewhere,” the premier said.

“We are not immune from the negative impacts of Russia’s invasion of Ukraine on global growth as well. And there are some supply chains for important imports that run through Russia and Ukraine that may be disrupted, and have our close attention.”

Australian not immune from economic impact of Russia's war on Ukraine: PM Morrison

Tags

Comment / Reply From

You May Also Like

6 Palestinians killed in Israeli airstrikes on northern Gaza

Asia-Pacific nations reiterate policy of cooperation with possible Trump admin

Trump thanks Americans for 'being elected 47th president'

Türkiye leads joint call to UN Security Council to halt arms shipments to Israel

Death toll from Israeli airstrikes on Lebanon’s Baalbek rises to 57

US election: Decisive Muslim vote split between Stein and Harris

South Korea’s Jeju Island record heaviest rain in 101 years

Australia court rules senator violated law with racial remarks against Muslim lawmaker

Recent News

Recommended

Babies being sold to feed siblings, UN chief describe Afghanistan situation worrying

Archive

Newsletter

Popular Posts

Over 95% of Pakist...

Muslims from abroa...

Pakistan as Respon...

Categories

Australian not immune from economic impact of Russia's war on Ukraine: PM Morrison

Tags

Comment / Reply From

You May Also Like

Recent News

Recommended

Archive

Stay Connected

Newsletter

Popular Posts

Categories