If wage growth stagnates while global supply chains fracture and commodity prices rise, Australians face reduced purchasing power
Geography may allow Australia to avoid the direct human costs of the Ukraine conflict but not its fallout. Commodity market disruptions, supply chain breakdowns, sanctions and geopolitical realignments will affect Australians.
Russia is the world’s second largest gas producer (17% of global output) and the third largest oil producer (12%). It is a key supplier of aluminium, copper, nickel, platinum, palladium and titanium. Russia and Ukraine supply up to 80 to 90% of neon gas used in lasers to make semiconductors.