Driving up petrol prices
Just in time for the school holidays, motorists are paying more at the bowser with the national fuel price average hitting 204.4c/litre. It’s the highest since Russia invaded Ukraine, thanks to the weak Aussie dollar (currently buying US$0.64 – and don’t online shoppers know it… ) and a decision by OPEC members – including Saudi Arabia and Russia – to extend oil production cuts. That’s seen crude oil prices surge more than 30% since July… There are concerns rising petrol prices could further fuel the inflation crisis (see what we did there?) – that includes the Reserve Bank’s board, which flagged in its meeting earlier this month that another rate hike could be on the cards as a result. There are similar concerns about an increase in some welfare payments that come into effect today, but the Albanese Government maintains the extra cash won’t be inflationary. China’s slowdown is also giving the RBA the jitters (paywall)…
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