Rising petrol and oil prices could hurt Australia’s economy rebuild

As the de facto federal election campaign continues to heat up, there has been one issue that has been high on the list of talking points for both the leaders of the major parties: the cost of living.

In this, Australia is no different to most of the rest of the world. Around the globe, high inflation is once again a key consideration for central bankers and government policymakers, as the rising cost of living threatens the fragile economic recovery from the pandemic and political fortunes alike.

As the rising cost of living weighs on the political fortunes of governments from Paris to Seoul, a number of different policies have been put forward to attempt to help households and businesses.

But among all the cost of living pressures, the one that is raising the most eyebrows in the halls of power, as well as arguably providing the greatest cause of concern for consumers, is rising petrol prices.

Prime Minister Scott Morrison and Opposition Leader Anthony Albanese certainly seem acutely aware of the additional pain Australians are experiencing on their wallet at the petrol bowser.

When Morrison was speaking with reporters earlier this month, he made the case that Australia’s economic recovery has to been secured by a team with strong economic management credentials, referring to the Coalition.

“Otherwise, you’re going to see petrol prices go up. You’re going to see electricity prices go up. You’re going to see interest rates go up more than they would need to.” Morrison said

Meanwhile Anthony Albanese has taken to social media to claim that “Scott Morrison doesn’t have a plan to lower the cost of living” and that “Everything’s getting more expensive, but wages are going backwards”.

Albanese went on to ask fellow Twitter users how much it was costing them to fill up their cars at the pump.

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