Fuel prices flashing red
I joined a long queue of morose-looking customers at the bowser in Coolum Beach this afternoon, where unleaded fuel was selling from 240 cents per litre, and diesel from around 280 cents.
It seems a long way from the days of Albo blaming then-PM ScoMo for fuel prices rising to around 170 cents per litre!
Indeed, we have now ascended into totally uncharted territory for fuel prices in Australia.
Alex Joiner of IFM Investors produced the below chart for some context:
This is a massive shock from 160 cents or so for unleaded a mere matter of weeks ago.
Higher transportation and freight nadling costs will also quite quickly be passed on to higher food prices.
Unless something changes soon, it feels as though the Reserve Bank may have little choice but to hike interest rates for a third time in May, taking the cash rate target back up to 4.35 per cent, with a further couple of hikes seemingly likely by the end of the year.
Meanwhile the spike in fuel prices will itself crush consumer sentiment and spending, so the Aussie economy will be heading into the slow lane in the second half of 2026.
And on that glum note, have a super weekend!
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