The national average for unleaded petrol struck its second highest level in history last week, with every state and territory now paying more than $2 per litre, but there are signs of better times ahead for motorists.
Employment Minister Tony Burke does not believe wages growth is about to further fuel inflation, saying pay rates have suffered a decade of stagnation.
Many Australians will struggle to make ends meet in an economic environment of rising interest rates and when their wages are failing to keep pace with rampant inflation.
Cost of living pressures will emerge as an election issue, as economic figures are released and a one-off $250 payment will be made to six million Australians.
Motorists have enjoyed a rapid decline in petrol prices in the past four weeks, aided by the federal government's temporary halving of fuel excise in last month's budget.
While business activity is showing the green shoots of recovery from the pandemic, there remains the risk of increased insolvencies in the short to medium term, credit reporting agency CreditorWatch warns.
A light economic data calendar will switch the focus to the March 29 federal budget, which is being put together at a time of heated inflation pressures, notably at the petrol pump.
