Full Story Back to Back Barries: Will the war on Iran war trigger another recession we have to have?
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Mar 20, 2026 A discussion of how the Iran conflict is driving fuel shortages and supply-chain risks. Analysis of political fallout as Australian figures distance themselves from US leadership. Debate over rising inflation, the RBA rate hikes and whether the treasurer’s remarks signal a looming recession. A look at historic parallels, electoral implications in South Australia and the rise of regional parties.
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Early Economic Fallout From The Iran War
- The Iran war is already producing clear economic fallout including rising inflation and fuel prices in Australia.
- Barrie Cassidy links petrol at $2.50/litre and talk of inflation over 5% to three weeks of a war both major parties supported despite low public backing (28% support).
Limited International Support Risks Wider Energy Shock
- Global leaders are reluctant to join a military intervention and may form a 'coalition of the unwilling,' limiting options to reopen energy routes.
- Tony Barry warns Iran could retaliate by targeting supply chains and energy infrastructure, worsening global economic effects.
Suez Crisis Echoes In The Strait Of Hormuz
- Barrie Cassidy draws a historical parallel between the Suez Crisis and the Strait of Hormuz situation to show role reversals among allies.
- He notes Australia sided with Britain in 1956 and now is backing the US while Europe resists, repeating being 'on the wrong side of history.'