Newly released data shows motorists are no longer panic buying fuel as cost pressure eases for the first time in six weeks.<\/p>\n
Findings from Westpac bank DataX showed their customers fuel spending drop 3.8 per cent last week, following a 17.9 per cent drop the week before, marking the first consecutive week-on-week drop since the beginning of the Iran conflict earlier this year.<\/p>\n
Despite cheaper pump prices, average fuel transaction values rose 2.9 per cent week-on-week to $59.21 as the number of overall fuel customers fell.<\/p>\n
The change suggests short-term stockpiling is on the decline, with motorists returning to normal fuel use and abandoning precautionary fill-ups.<\/p>\n
\u201cHouseholds have been under sustained pressure since early March, so seeing fuel spend fall back is a meaningful shift and suggests the fuel excise cut is landing in household budgets,\u201d Westpac retail banking chief Carolyn McCann said.<\/p>\n
The Albanese government earlier this month slashed the fuel excise in a bid to help struggling motorists, cutting about 32 cents per litre off the cost of Australian fuel.<\/p>\n
Since the start of the conflict, fuel spending has been $236.7m higher year-on-year.<\/p>\n
While spending on fuel remains 16.2 per cent higher on a year-ago basis, reports suggest increases will plateau as prices ease and households adjust.<\/p>\n
Ms McCann warned the future of fuel spending was still uncertain.<\/p>\n
While both regional and metropolitan customers are showing a decline in fuel spending, regional motorists continue to spend more on fuel per transaction, refuelling more regularly.<\/p>\n
Despite customer\u2019s higher levels of discretionary spending, early indications show a tightening of household budget may be in store as fuel\u2019s share of wallet remains above pre-conflict levels.<\/p>\n","protected":false},"excerpt":{"rendered":"Newly released data shows motorists are no longer panic buying fuel as cost pressure eases for the first…\n","protected":false},"author":2,"featured_media":616219,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[1724,64,63,689,266735,299045,299042,299043,299036,99,299040,299044,299047,55014,299041,281768,299048,299035,130870,299032,299039,299031,5575,299037,268615,3354,187436,677,299038,12540,299033,299046,299034,148029],"class_list":{"0":"post-616218","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-asia","9":"tag-au","10":"tag-australia","11":"tag-australia-and-new-zealand","12":"tag-australian-fuel","13":"tag-australian-fuel-spending","14":"tag-average-fuel-transaction","15":"tag-banking-chief","16":"tag-banking-experts","17":"tag-business","18":"tag-carolyn-mccann","19":"tag-customer-base","20":"tag-data-shows-motorists","21":"tag-data-signals","22":"tag-fuel-customers","23":"tag-fuel-excise-cut","24":"tag-fuel-panic","25":"tag-fuel-panic-truth","26":"tag-fuel-prices","27":"tag-fuel-spending","28":"tag-fuel-transaction-values","29":"tag-indian-vessel","30":"tag-iran","31":"tag-kate-stephenson","32":"tag-key-shipping-lane","33":"tag-news-headlines","34":"tag-newswire-news","35":"tag-oceania","36":"tag-pump-prices","37":"tag-southern-asia","38":"tag-subtle-sign","39":"tag-surprise-fuel-panic","40":"tag-ukrainian-police-shoot","41":"tag-westpac-bank"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/616218","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=616218"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/616218\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/616219"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=616218"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=616218"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=616218"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}