Episode Details

Skyrocketing fuel prices from the Iran conflict are straining wallets, but the Reserve Bank may still raise interest rates to combat inflation. Inflation hit 3.7% in February, with predictions of a potential 5% mid-year climb due to soaring petrol prices. The government is considering an above-inflation pay rise for low-wage workers, while unions and businesses debate the impact on price pressures. Markets anticipate rate hikes in May, June, and September, as diesel prices surge. Treasurer Jim Chalmers is preparing for worse-case scenarios if global oil remains above $120 a barrel, emphasizing the central banks role in stabilizing prices and supporting jobs.

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