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Economics10d 5h ago
Westpac warns that Australian diesel could hit $3.07-a-litre and petrol could climb to $2.68 by year-end if the US-Iran ceasefire stalls, potentially pushing Australia's headline inflation rate to nearly 6 per cent.
Australia, US, Iran, Strait of Hormuz
Who
Westpac economists, Sian Fenner, Donald Trump
What
Westpac warns that Australian diesel could hit $3.07-a-litre and petrol could climb to $2.68 by year-end if the US-Iran ceasefire stalls, potentially pushing Australia's headline inflation rate to nearly 6 per cent.
When
Tue, 16 Jun 2026 23:20:57 GMT · 10d 5h ago
Where
Australia, US, Iran, Strait of Hormuz ·
Why
The forecast is based on the fragility of a US-Iran peace deal regarding oil supplies and the reopening of the Strait of Hormuz.
The Frontline Impact
How this affects you
A stalled US-Iran ceasefire and associated disruptions to oil supplies could lead to significantly higher fuel prices in Australia, pushing inflation to 6% and potentially causing several quarters of negative economic growth, particularly affecting household income and business investment, with New Zealand also facing pronounced impacts.
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