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The Federal Government has finalized paperwork for the introduction of unleaded low-sulfur gasoline three years ahead of schedule – still more than a decade behind Europe – but will cost motorists more on the bow. 0 See 4 pictures Australian drivers will finally get access to better and lower quality unleaded gasoline three years earlier than planned – but more than a decade after Europe introduced equally stringent quality measures – after the Federal Government passed a law to introduced on December 15, 2024. The move cuts three years of waiting time for low-sulfur unleaded gasoline and will pave the way for a new generation of engine technology in modern cars in Australian showrooms. The new fuel will have a maximum sulfur content of 10 parts per million, down from the current standard of 50ppm for premium unleaded and 150ppm for regular unleaded. As previously reported by Drive Europe mandated 10ppm unleaded in January 2009 and Australia’s fuel quality ...

Lettuce has crossed the $10 mark, milk prices are soaring by major supermarkets and strawberries are $6 a punnet. Almost everywhere you look, the prices of food and other agricultural goods are on the rise. You’d be forgiven for thinking this must be a great time for Australian farmers, preferably gazing out the window at the gentle rain. Not too. Rising price Understanding what drives the price of any commodity can be a confusing exercise at the best of times. The current situation is generally caused by a number of problems, the first of which relates to the nature of Australia’s growing season. Australian vegetables come from different parts of the country depending on the season. Currently the main supplier is Queensland. Earlier this year, several developing areas were hit by two floods in 11 weeks. Queensland’s Lockyer Valley flooded earlier this year destroying large vegetable crops. ( Provided: Lockyer Valley Regional Council ) Belinda Frentz is a herb grower...

The Reserve Bank has raised interest rates for the fourth month in a row, raising its target rate by half a percentage point. Key points: RBA has raised interest rates by 0.5 percentage point The target cash rate has now increased by 1.75 percentage points since early May to 1.85 percent A cash rate increase since early May will add about $472 per month to a $500,000 loan payment The RBA has now raised its benchmark interest rate by 1.75 percentage points since the first rate hike in May, with the target rate at 1.85 percent. In his post-meeting statement, Reserve Bank Governor Philip Lowe said the latest rate hike is unlikely to be the last this year. “The board expects to take further steps in the process of normalizing monetary conditions over the next few months, but not on a predetermined path,” he said. “The size and timing of future rate hikes will be guided by incoming data and the board’s assessment of the inflation and labor market outlook. “The B...

The median value of Australian property has fallen 2 percent since early May, to $747,800—a figure that includes homes and apartments, according to the latest housing data. CoreLogic research director Tim Lawless says Australian housing market conditions are likely to worsen as interest rates tick higher throughout the rest of the year. Here’s a breakdown of the states from Australia’s latest housing figures. Sydney: house prices are falling Average change: 2.2 percent drop in July Sydney house median value: $1,346,193 Average unit value: $806.310 Five of the eight capital cities saw month-on-month declines in July, led by Sydney occupancy values ​​which saw a 2.2 percent decline. “Although the housing market is only three months into a downturn, the national Home Value Index shows that the rate of decline is comparable to the start of the global financial crisis (GFC) in 2008, and the sharp decline in the early 1980s,” Mr Lawless said. “In Sydney, where th...

More and more Aussies are selling their cars to help ease cost of living pressures, with prices for some used models booming. Since the start of the pandemic, used car prices have risen by a phenomenal 79 percent, and if you own an Audi RS7, Mercedes G, or Toyota Hilux, you could be sitting on a gold mine. The 2021 Hilux has increased in value an incredible 136 percent from $29,000 in June 2021 to $68,500 in June 2022. With Australian inflation now at 6.1 per cent – the highest in two decades – some find the key to financial stability could be in their garage. According to 2021 census data, 55.1 per cent of Australian households own two or more vehicles, and some of them are now abandoning their second car, while others are completely car-free. One of those who decided to sell his one-of-a-kind vehicle was Milli Ogden, who besides facing rising prices was also saving up for his wedding. Milli Ogden (pictured) is selling her car to help cope with rising living costs and...

The Federal Government has been urged to consider intervention in energy markets, amid fears a gas shortage could lead to higher prices, according to a recent report by the consumer watchdog. Key points: ACCC report projects biggest domestic gas supply shortfall since 2017 The projected shortfall could put further pressure on prices Concerns arose that some manufacturers could be shut down The Australian Competition and Consumer Commission (ACCC) has released an interim report on its investigation into gas supplies along the east coast. It said that while Australia has “relatively abundant gas resources”, most of it is produced for export and large volumes are needed for the domestic market next year to avoid shortages. “The outlook for 2023 is very worrying and is likely to put further pressure on prices, which could result in some commercial and industrial users being unable to operate,” the report said. “This is a significant deterioration in conditions ...