If not now, when? Global energy shock must be Australia’s fossil fuel reform moment
Australia is facing a cost-of-living crisis due to soaring petrol and diesel prices, triggered by the US/Israel war on Iran. The country's vulnerability to global energy shocks is largely self-inflicted by chronic policy failure, making it essential to accelerate the transition to low-cost clean domestic renewables and electric vehicles.
Australia's economy is experiencing a systemic shock due to the global energy crisis. Petrol and diesel prices are soaring, with city petrol prices around $2.50. The surge in fuel costs is acting as a de facto fossil fuel tax on every Australian. The Reserve Bank has increased the cash rate to 4.10 per cent, noting sharply higher fuel prices are driving upside inflation risk. Mortgage holders are caught in a double bind, with higher mortgage interest payments and a global energy shock pushing up the cost of living. Australia's vulnerability to gas shocks is self-inflicted, with over 80% of its gas production exported, leaving domestic consumers exposed to hyperinflated global prices.
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