The war fuels rising energy prices (June 1)
One of the most noticeable changes for Australian drivers have been fuel prices, which have occasionally toppled over $2 per litre. Fuelled by Europe's energy shortage and the sanctioning of Russian oil, the rising prices are endangering trucking businesses as well as everyday drivers.
Fuel excise cuts have softened the prices, pushing them down to below $2, in many cases, but still higher, on average, compared to the start of the year. The effects could see a number of other price increases due to freight costs.
Australia's former Prime Minister Scott Morrison addressed these concerns, assuring that he was aware of the cost-of-living impacts.
"[Rising costs] don’t just hit the economy and hit family budgets when they fill up, but they have a knock-on effect across the economy," he said.