Police say the incident was isolated and involved people known to each other.

Milk producers have asked Australian supermarkets to lift the price of homebrand milk to help dairy companies struggling with double fuel and fertiliser hikes.

The dairy sector is urging Coles and Woolworths to increase the shelf cost of generic milk by at least 30 cents per litre as the dual shortage tightens its grip on farmers.

eastAUSmilk president Tim Bale said he was waiting for a response after approaching the grocery giants about the price change, which would allow Australian milk producers to do the same and remain competitive.

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"We need the generic milk to rise so other brands can rise, ensuring some goes to the farmers," Bale told nine.com.au.

"Farmers need [a lift] of 10 to 15 per cent."

A two-litre bottle of Woolworths full cream milk currently costs $3.20.

The Coles-branded full cream milk is the same price, equating to $1.60 per litre.

Nine.com.au has contacted Coles and Woolworths for comment.

Milk processers have called for the same change to cushion the blow of high diesel prices and fertiliser shortages.

The Middle East, known for being one of the world's most dominant suppliers of oil, also supplies up to 45 per cent of the world's urea.

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Urea is the most commonly used nitrogen fertiliser that promotes high crop yields and is used for wheat and vegetables. 

"The cost of urea has gone from $800 to $1800 in the past month. Price increases of this level have never happened before," Bale said.

"Fuel and fertiliser are two major input costs for dairy farmers and cost increases of this magnitude cannot be absorbed by dairy farmers.

"Farmers will cut back production or exit the industry over the coming months if something isn't done immediately."

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Australian milk suppliers are also facing an increase in the cost of milk bottles and lids due to a domestic resin shortage.

Nick's Food, Milk and More general manager Nick Viropoulos received a letter from his milk supplier on Wednesday, advising him the cost of bottles and lids is set to double.

"This would probably translate to, in the early stages, somewhere between eight and 10 cents a litre," Viropoulos told 2GB's Ben Fordham yesterday.

"Equivalent to 20 cents a bottle will be the initial impact, so heaven knows where it's going to end up."

He said it was an Australian shortage, rather than a global shortage, as Australia relies on China for its resin production.

"Our only source of resin for blowing milk bottles and associated plastic bottles for drinks and beverages comes from China," he said.

"Now that there's a shortage of petroleum going all over the world, they're keeping the resin for their domestic market and they can't send any to Australia.

"Unfortunately the producers in Australia are forced to air freight it out of the USA at US dollar rates."

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Officers have arrested and charged two women in relation to the incident.

Australians can expect to be squeezed by fuel-related inflation for at least six months, a top economist has warned.

The US-Israeli attacks on Iran and Iran's subsequent closing of the Strait of Hormuz have seen unprecedented worldwide oil price shocks, with costs ultimately being passed on to consumers.

AMP deputy chief economist Diana Mousina predicts Australians face at least half a year of soaring prices – and that could extend swiftly.

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"Oil prices have doubled from their pre-war levels and sharemarkets have had a modest drawdown," she said in an article for AMP's Econosights.

"But, if there is no resolution to resuming oil supply, oil prices will surge further and have a significant downward hit to demand."

Mousina also warned the risk of a further 5 to 10 per cent drawdown in markets remained "very high".

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"But our base case for now is that US and Iranian negotiations are successful over coming weeks," she said.

"However, it may take a while for oil prices to normalise again. So higher inflation is likely for (up to six) months."

Mousian estimated a household using 35L of petrol a week for driving would have been spending about $60 a week before March, rising to $88 a week in March, and would likely decline to $78 a week in April if there were no further oil price rises.

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The lengthy oil shock is likely to have further knock-on effects, including slower consumer spending and lower GDP growth.

Mousina also predicted the Reserve Bank of Australia would raise interest rates – a reflex learned from the COVID-19 pandemic.

"While usually central banks look through supply shocks as one-off increases to prices, the problem is higher inflation expectations which can increase wage demands and higher prices seeping into other parts of the supply chain, much as it did through COVID-19," she wrote.

"The 'PTSD' shock of COVID-19 will make central banks nervous to see the current supply shock as a 'transitory' factor and will keep central banks hawkish."

Mousina predicted another increase to interest rates in May, and the "chance" of another in later 2026.

"But this means that there is a high chance of rate cuts in 2027 as GDP growth slows," she said.

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Exclusive: Nearly one in three nine.com.au readers confessed they couldn't afford private health insurance even before this week's major price hike, according to an exclusive survey.

On Wednesday health insurers across the nation increased premiums by an average of 4.41 per cent in the middle of a cost-of-living crisis.

It was the biggest hike since 2017 and will cost Australians an extra $80 to $160 a year, depending on their cover.

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Earlier this week, a survey from AI digital broker Konkrd suggested nearly one in four Aussies planned to downgrade or cancel their private health insurance due to the hikes.

But nine.com.au readers are telling a different story.

Up to 30 per cent of the 1121 respondents reported they didn't have private health insurance to begin with.

Many confessed it had become too expensive for them long before the latest price hike.

"I haven't been able to afford health insurance for decades," one reader said.

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Another told nine.com.au they had cut out holidays, clothes shopping and other expenses and still couldn't afford private cover even before premiums increased.

Just over 10 per cent of nine.com.au readers who did have private health insurance said they cancelled their cover in response to this week's price hike.

A little more than half of them moved to a cheaper policy; the rest are now uninsured.

About one in 10 respondents said they intend to cancel their current policy now that premiums have increased.

Nearly 80 per cent said they plan to keep their current policy even though it costs more.

"I'm too scared to cancel health insurance due to mine and my husband's age," one older Australian told nine.com.au.

It was a common concern among respondents aged 65 and over.

"Being a mature age couple we would feel vulnerable without private health cover, as the waiting time for non urgent treatment can be months and even years," one said.

Respondents who had decided to cancel or downgrade their cover said they just couldn't keep up with the rising cost of living.

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Paying for private health insurance on top of increased grocery, housing, and petrol prices just isn't feasible for many Aussies already struggling to make ends meet.

Many nine.com.au readers worry the situation is only going to get worse.

Nearly 80 per cent of respondents said they were at least 'slightly worried' about being able to afford private health insurance going forward.

More than one in three reported feeling 'very worried' about it.

"Any further increases may require me to cancel insurance altogether, as being a pensioner it is becoming extremely difficult to cope with cost of living," one reader said.

Close to half of respondents said they'd cut back on spending on holidays, clothes and other non-essentials to be able to afford private health insurance.

More than 10 per cent said they'd be willing to cut back on essentials like groceries and rent.

The nine.com.au poll, which runs once a fortnight, canvases the views of the Nine audience on 9Nation, which is an online community of our readers and viewers.

The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.

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