Australia may be distant from Ukraine, but we will not be spared the economic consequences of conflict

If wage growth remains stagnant as global supply networks break down and commodities costs rise, Australians will have less purchasing power. Russia is the world's second-largest producer of gas and third-largest producer of oil.

Russia and Ukraine produce up to 80% to 90% of the neon gas used in lasers to manufacture semiconductors.

Without immediate de-escalation, persistent high commodity prices might decrease global....