Petrol prices have hit a five-year high, eating further into household incomes as the government "sucks" money out of the economy in its push for a budget surplus.
Through the past year, unleaded petrol averaged 141.2¢ a litre across Sydney, Melbourne, Brisbane, Perth and Adelaide.The 6.7¢ increase on the previous year took nominal prices to their highest point since 2013-14. After inflation, prices are at their highest level in four years. ACCC chairman Rod Sims said the main factor in the lift in petrol prices was the Australian dollar, which had fallen by US6¢ against its American counterpart.
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