Budget improves by billions, but petrol pain about to grow
Australia's budget deficit narrowed to around $23 billion from a forecast $28.3 billion, boosted by strong commodity prices and employment. However, escalating U.S.-Iran tensions threaten to push petrol prices above $2 per litre within weeks, potentially complicating the Reserve Bank's August decision on interest rates. Current unleaded prices sit near $1.70 per litre in major cities.
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Published 20 Jul 2026, 12:30 UTC · Updated 20 Jul 2026, 12:40 UTC
Summary by OZbrief Editorial. Original report: SMH. Editorial policy · Corrections