A survey of 1,077 Australians has found that the current fuel situation in Australia is causing huge financial stress. 

● 76% of respondents, equivalent to 21 million Australians, said that current fuel prices are causing them either moderate or major financial stress

● Rising fuel costs have forced 80% of Aussies to cut back on spending, with 40% doing so significantly

● 83% of drivers believe the Australian Government should intervene to limit fuel price hikes by either reducing the fuel excise or cracking down on price gouging

● 44% of people will consider switching to a more fuel-efficient or electric car if prices don’t drop

● 24% of respondents have reported fuel has jumped by more than 80c/L in their area

● 65% of people said they will have to drive less often due to the jump in fuel prices

● Eating out is the most popular expense people have had to cut back on, followed by a reduction in savings, grocery bills and travel

37% of respondents said that they were experiencing major financial stress in their households as a direct result of the increase in petrol and diesel prices, with a further 39% reporting moderate levels of stress. That adds up to 76% of Aussies who’ve found themselves plunged into deeper financial stress, on top of ongoing cost-of-living pressures and, most recently, interest rates being bumped up once again. It’s easy to see how this has happened, with 55% of respondents having seen fuel prices go up by at least 50c per litre and 24% reporting hikes in excess of 80c per litre. Using the example of a Toyota RAV4, Australia’s most popular SUV, that adds up to between $28 (50c per litre increase) and $44 (80c per litre increase) more per full 55L tank of petrol. 

“The biggest loser out of the current fuel crisis, without a doubt, is the Australian people”, Savvy Managing Director Bill Tsouvalas commented  “Countless families will be placed under undue financial pressure in a situation that is entirely avoidable. Cutting the fuel excise will give Australians some much-needed relief and allow them to put their money towards more important expenses like groceries and other household bills.Against the backdrop of the steep rise in fuel prices, we’ve seen green car loan enquiries, such as those for EVs and hybrids, more than double.”

The survey was commissioned prior to the RBA increasing interest rates last Tuesday, which will only add to the financial stress of homeowners. For more information.