Australia is expected to avoid a full recession, according to economists, despite facing the biggest global oil supply shock in history. However, living standards are still predicted to languish in the coming year.
Economic Outlook
Fears of a recession have fallen away as analysts reassess the impact of the US-Iran conflict on global oil prices. While petrol prices did not rise as much as initially feared, growth remains substandard. The Reserve Bank of Australia's assistant governor is scheduled to deliver a speech on the economic outlook today.
Political Turmoil in UK
In UK politics, Nigel Farage, leader of the Reform UK party, has announced his resignation as MP for Clacton, vowing to fight a byelection to be re-elected. Labour, the Conservatives, and the Liberal Democrats have said they will not contest what they call a "stunt" poll. Farage is under a second investigation by the parliamentary standards watchdog over undeclared gifts.
International Developments
Donald Trump landed in Turkey for a NATO summit, reviving his bid to acquire Greenland and threatening to withdraw all US armed forces from Europe. Ukrainian President Volodymyr Zelenskyy argued for Ukraine's NATO membership at the summit. Meanwhile, a French court of appeal upheld Marine Le Pen's conviction for embezzling European Parliament funds but shortened her ban from office, potentially allowing her to run for president in 2027.
Sports and World Cup
In the World Cup, Argentina came from 2-0 down to beat Egypt 3-2, with goals from Cristian Romero, Lionel Messi, and Enzo Fernandez in a dramatic finish. Switzerland will play Colombia for the right to face Argentina in the quarter-finals. In tennis, Karolína Muchová defeated Naomi Osaka, and Coco Gauff beat Jessica Pegula to reach the Wimbledon semi-finals.
Other News
Prince Harry and six other prominent figures lost their case against the publisher of the Daily Mail over unlawful methods used to source stories. Scientists report that men's average testosterone levels have halved over the past 50 years, warning of a male fertility crisis. In Australia, the "Pam the Bird" graffiti phenomenon has divided Melbourne, and a parliamentary committee accused New South Wales' top prosecutor of giving false evidence under oath.
