The world’s economy is getting slammed from all directions, and Australia just said it out loud. On Monday, Treasurer Jim Chalmers told ABC TV that the combination of Israel’s airstrikes on Iran and Iran’s counterattack has made things even worse in an already unstable global climate.

Daniel Wolman – an Australian in Tel Aviv – has spoken to Sky News Australia about the “tough situation” in Israel as Iran continues to retaliate over attacks on Tehran.

Foreign Minister Penny Wong says Australia is "alarmed" by the escalation in tensions between Israel and Iran.

Israel’s air strikes on Iran’s nuclear facilities and the Islamic Republic’s retaliation represents a “perilous” moment for the Middle East, and together with turmoil elsewhere means the global economy is a “pretty dangerous place right now,

Prime Minister Anthony Albanese has declared Australia will not play a military role in the escalating conflict between Israel and Iran.

Melbourne writer Alistair Kitchen was detained for 12 hours at Los Angeles International Airport, had his phone seized and was "interrogated" about his views on the conflict in the Middle East.

Alistair Kitchen, an Australian writer and former student in the U.S., was deported from the United States after writing articles supporting student protests at Columbia University against Israel.

Australia and South Korea on Sunday urged Israel and Iran to exercise restraint following fresh attacks against each other, according to local media reports. Australia’s Foreign Minister Penny Wong urged Israel and Iran to "not escalate" a "perilous" situation that could affect the wider Middle East.

The ASX 200 has jumped on Monday with energy stocks soaring as oil prices jump off the back of the conflict between Iran and Israel.