Australia’s Covid vaccination rate is now around 67% fully vaccinated. On the current trajectory, enough vaccines should have been administered to enable restrictions in Sydney and Melbourne to be lifted completely by the end of 2021.
With the next Federal Election little over six months away, a relaxation of the restrictions and a full re- opening of the economy is becoming increasingly important politically.
Geopolitical tensions remained in focus in June as renewed conflict in the Middle East disrupted oil supply routes and raised concerns about broader regional instability. Oil prices spiked as tensions rose and supply concerns mounted, though moderated after a ceasefire was called 12 days later. Brent closed June +5.8% higher at $67.61.
While the month began with constructive discussions and agreements between the US and some of its trading partners, uncertainty returned to the market after President Trump threatened to impose new tariffs on Europe and multiple large corporates such as Apple, Samsung and Mattel, and again near month-end as the Court of International Trade deemed the global tariffs to be “contrary to law.”
