Concerns about a recession in Australia are growing due to global uncertainties, particularly the ongoing conflict in Iran and inflationary pressures. Economists are debating the likelihood of a downturn, with some predicting a recession in the near future. However, Greg Jericho, a prominent economist and columnist, argues that Australia is not currently on the verge of a recession. He points out that a true recession is characterized by a significant rise in unemployment, specifically more than 0.5 percentage points in a year, rather than just two consecutive quarters of negative GDP growth. Jericho reflects on past economic crises, noting that the 1970s stagflation and subsequent recessions were influenced by government and Reserve Bank responses to rising oil prices and inflation. He expresses concern over the RBA's willingness to risk a recession to combat inflation, emphasizing the long-term damage that recessions can inflict on employment and livelihoods. While the RBA is expected to raise interest rates, Jericho advocates for a cautious approach that prioritizes economic stability and employment.