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I noted on Monday how Australia is facing rising energy costs on three fronts:
- Soaring petrol/diesel prices
- Rising gas prices
- Rising electricity prices.
The most immediate shock is higher petrol/diesel prices, which have risen above $2 per litre in most capital cities.
As illustrated below by Justin Fabo from Antipodean Macro, global oil prices have shot higher, suggesting far more ‘pain at the pump’ in the period ahead:
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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.