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CBA’s economics team has produced some excellent charts, derived from customer bank account data, showing how the rise in energy costs is consuming a larger share of household budgets.
The prices of petrol and diesel have risen sharply since the outbreak of the Middle East conflict.
However, retail petrol prices fell slightly to 240 cents per litre in the week ending 5 April, with the halving of the fuel excise tax on 1 April reducing the prices by 26 cents from where they otherwise would have been.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.