"We've already seen four major shocks over the past 2 decades - the GFC, a major pandemic, a global inflation shock, escalating trade tensions - and this oil shock could become the fifth."
"Prime Minister Anthony Albanese has also invoked the COVID-19 pandemic as a cautionary example, saying it exposed gaps in coordination and decision-making that should not be repeated in responding to the current crisis."
"While acknowledging the many differences - the main one being a public-health measure versus a fuel-saving measure - he said it feels like it's a similar crisis now."
Australians are experiencing disruptions reminiscent of the COVID-19 pandemic, including travel issues and supply chain strains. Experts note that the current crisis, driven by escalating oil prices due to geopolitical tensions, differs from the pandemic. Prime Minister Albanese emphasizes the need to learn from past mistakes in coordination and decision-making. While some measures from the pandemic, like remote work, are suggested to mitigate fuel demand, the underlying causes of the crises are fundamentally different, with the current situation focusing on fuel rather than public health.
Read at SBS News
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