🚨 Two simple steps to crash petrol prices in Australia. The Iran War is not going according to plan. When wars start, the protagonists often assumes it'll be a short, sharp operation ... but they do have a habit of dragging on and on. Usually costs around $95 to fill my car ... today it was $165. If this goes on for much longer, we are going to be smashed by a recession (ask your grandparents about 1973). The federal government can fix this right now with two simple moves: 1. Lift the 2014 ban on importing Russian oil. We are already importing a heap of Russian oil ... but we do it via India who refine it and take a big mark-up which is paid by you at the bowser. So pre-war the sanctions were pointless but now they are a national security threat. The US has done this. Chris Bowen has said it is under consideration - good. 2. Scrap the federal fuel tax (they call it an “excise” to sound fancy). That tax adds 52.6 cents a litre. I’d prefer both gone permanently, but if our leaders can’t stomach that, suspend both measures until the Strait of Hormuz is back to full capacity. It is prudent to assume that will not be for some time.
