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- Australian PM Morrison signals budget measures to counter soaring fuel prices
Australian PM Morrison signals budget measures to counter soaring fuel prices
Ahead of the federal budget announcement on March 29, Australian Prime Minister Scott Morrison has signaled additional measures to counter the rising cost of living, doubtlessly together with short-term petrol excise cuts, per The Guardian.
Key quotes
“Excessive gas prices, which have hit $2.20 in some elements of Australia, don’t just hit the economy and hit family budgets when they fill up, but they have a knock-on effect across the economy.”
“We’ve been carefully considering our response to ensure that we can deliver a budget that both addresses those immediate needs but also ensures that we continue on with our strong economic plan for a stronger economy.”
Market reaction
AUD/USD is easing off two-week highs of 0.7425, as traders remain cautious amid looming Russia-Ukraine risks. The spot is currently trading at 0.7406, down 0.11% on the day.
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