Recession off the cards but Australia faces dreary outlook, economists say

Australia looks set to dodge a recession, but don't expect anyone to celebrate. According to The Guardian, economists say the country will safely navigate what they call the biggest global oil supply shock in history, thanks largely to a de-escalation of conflict in the Middle East. As tensions eased following a shaky ceasefire between the United States and Iran, oil prices retreated back to prewar levels, pulling the worst-case scenarios off the table. Still, the mood at home stays grim. Economists warn of sub-standard growth in the year ahead, and households are very much feeling the pinch. Recession off the cards, in other words, but pessimism firmly lingering.

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