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There is nothing new here, but the MB outlook is again creeping into respectable commentary, this time from Morgan Stanley.
According to the bank, acute diesel sensitivity is a major macro risk in 2026, making Australia one of the economies most vulnerable to a worsening global energy supply shock.
The bank points out that Australia’s diesel “days cover”, a crucial indicator of how long stocks can meet demand, is at an extremely low level, making the country’s economy vulnerable to disruptions in international supply chains.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.