Petrol goes up, petrol goes down… should interest rates follow?

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The latest excuse for an interest rise is petrol price rises back in September… which have been followed by petrol price declines in October.

A petrol station in Sydney (Image: AAP/Flavio Brancaleone)

According to the mainstream media over the past few weeks, surging petrol prices are a key reason why the Reserve Bank will lift interest rates next week.

“Melbourne Cup rate hike looms as inflation jumps in September quarter,” reported The Australian, driven by “surging petrol prices, rents and power bills”. The galahs at The Australian Financial Review, anxious to see the ordinary Australians they despise so much punished yet again, have demanded another rate rise because of “little prospect of relief from the $2-plus per litre petrol prices”…

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About the Authors

Bernard Keane

Politics Editor @BernardKeane

Bernard Keane is Crikey’s political editor. Before that he was Crikey’s Canberra press gallery correspondent, covering politics, national security and economics.