[Deloitte: Analysis of the Consequences of a War with Iran Shows Australia Could Suffer a Severe Blow] Calculations and analyses are currently underway regarding the potential impact of a prolonged Middle East conflict on Australia's fuel prices and economic growth. David Lunbens, a partner at Deloitte Economics, stated that the worst-case scenario would severely impact Australia – a protracted conflict could cause oil prices to soar to $175 per barrel, and inflation to reach 7.5% by the end of the year. The end result would be an unemployment rate of 6.8% and a 2.8% decline in GDP growth. Notably, none of the scenarios presented indicate an unemployment rate below 5.0%.
