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As part of our ongoing investigation into the rising cost of living, Savvy takes a look at rising fuel costs and their effects on everyday Australians.
- 46% of Australians are spending between $91-$160 on a tank of fuel
- 33% of Australians are spending between $91-$120 for a fill up
- 17% of Australians spending over $191 per month on transport, excluding air travel
- 13% of women drivers are spending between $121-$160 on fuel
A recent (2022) survey conducted by Savvy into the rising cost of living in Australia (n=1,003) showed that 33% have reported it costs between $91-$120 to fill their car’s tank, with 13% saying it costs between $121-$160.
33% of respondents said that it costs $61-$90 to fill up their car.
30% of women drivers say that they are spending between $91-$120 to fill their car’s tank each time they roll up to the bowser, compared to 35% of men.
As for general transport costs excluding air travel, 17% of respondents said they spent over $191 in the last month, with 12% stating they spent between $31-$60.
Petrol Pain Set to Continue
Fuel costs have soared beyond the $2/L mark over the past year, due in part to the ongoing war in Ukraine and a spike in international refined petrol and diesel prices, according to the consumer watchdog, the Australian Competition and Consumer Commission.
The previous Morrison Federal Government cut fuel excise by 50% on the 30th of March for six months to stem regular petrol (91 RON) prices from ballooning past $2.50 per litre or more. In June, the national average for unleaded petrol hit its second highest point in history – only a month on from the highest ever price recorded.
Though global oil prices have eased over the last few weeks, the current Labor government has ruled out extending the fuel excise cut which expires in September.
The Reserve Bank of Australia consumer price inflation measure for the June quarter showed an inflation rate of 6.1%, up from 5.1% the previous quarter.
The RBA also increased the official cash rate from 1.35%p.a. to 1.85%p.a., its fourth consecutive monthly increase since May this year.
Bill Tsouvalas, Savvy Managing Director;
“Fuel underpins the economy and rising fuel prices will flow on to every sector. It’s just the nature of how our economy works, unfortunately,” says Bill Tsouvalas, CEO of Savvy and economics expert. However, the only silver lining is that despite the cash rate creeping up, it’s still not anywhere near the levels of 2010, let alone 1990. If Australians are doing it tough, now is the time to consolidate debts to ease the pain of smaller credit card debts snapping at their heels. Don’t wait until it’s too late.”
If you are experiencing acute mental stress due to finances, contact Beyond Blue on 1300 22 4636 or Lifeline on 131 114.
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