Speaking at the Chamber of Commerce and Industry WA on Wednesday, Australian Prime Minister Scott Morrison warned Australia will likely be affected by the negative global economic fallout from Russia's invasion of Ukraine.
Key quotes
“The world is facing the biggest energy shock since the 1970s.”
"That is likely to depress global growth and we know higher oil prices mean greater pressure on family budgets at the petrol bowser.”
Market reaction
AUD/USD is ignoring the cautious remarks from the Australian leader, as it cheers the rebound in oil and gold prices.
The pair is currently trading at 0.7207, near-daily highs, up 0.17% on the day.