The average Australian household with a mortgage and at least one car is almost $75 per week worse off than they were six weeks ago, in a sudden hit to the hip pocket that experts warn is unlikely to improve anytime soon.

A surprise jump in inflation in January further fuelled by the widening conflict in the Middle East has prompted the Reserve Bank of Australia (RBA) to implement two consecutive interest rate hikes.

The cash rate now sits at 4.10 per cent, just 0.25 per cent below 2024 highs.

READ MORE: Major banks move to pass on rate hikes to mortgage holders

That equates to hundreds more in monthly repayments for mortgage holders, while rising inflation and skyrocketing fuel prices risk rolling into wider price hikes at the checkout.

Treasurer Jim Chalmers has warned already-high inflation may climb towards five per cent, should the Iran war and blockade on the Strait of Hormuz drag on.

Here is how the latest cost spikes stack up for the average household – and what could be still to come in 2026.

Mortgage repayments

Based on the last two interest rate hikes, a family with the average national mortgage of $700,000 with 25 years remaining will have to find an extra $211 each month for their repayments, according to Canstar data.

That equates to $49 each week going straight to the bank.

Moreover, the RBA isn't ruling out further rate hikes, with some major banks predicting a further two hikes this year.

Should that eventuate, Australian mortgage holders will have to cough up a total of $98 a week more for their mortgage than they did at the start of the year.

Fuel prices

In further hip pocket pain, fuel prices have surged amid Iran's blockade of the Strait of Hormuz and widespread fears of a fuel shortage that has seen some stockpiling fuel.

In the last quarter of 2025, households were spending an average of $93.81 on fuel each week, according to Australian Automobile Association data.

At the time, the average national fuel price averaged 180.4c/L.

With unleaded fuel in Sydney currently averaging 229c/L, the same amount of petrol is now costing a family $119.60 a week – $25.80 more.

In addition to the $49 extra in average mortgage repayments, this means families are $74.80 a week worse off on average than at the start of February.

READ MORE: Emergency meeting with fuel companies as petrol crisis continues

Energy Minister Chris Bowen has warned fuel prices will remain high for the "foreseeable" future, meaning Australian households will have to factor this extra cost into their weekly budgets.

Grocery prices

While the full impact of the Iran war on the cost of groceries has yet to play out, farmers are warning of price hikes amid a double-whammy of fuel and fertiliser price hikes. 

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 – a common fertiliser.

Australia relies almost entirely on imports, which have all but halted since the shut down of the Strait of Hormuz.

Adding to farmers' woes, soaring petrol prices and diesel supply chain issues have seen some regional communities run dry.

In Victoria, farmers have gone so far as to advise city dwellers to commute to work instead of drive, to free up petrol supplies for regional areas after a number of regional communities ran completely dry in recent days.

Victorian Farmers Federation (VFF) president Brett Hosking has warned supermarket shelves could soon start to empty if fuel supply isn't secured.

With fuelling farming equipment and moving freight an unavoidable price for Australian agriculture, it seems almost inevitable that those price hikes will see us paying more for our food.

READ MORE: Federal government's grim admission about fuel as war drags on

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Cyclone Narelle has been declared and is expected to hit Far North Queensland as a category 4 storm on Friday, the Bureau of Meteorology says.

The bureau said tonight that the low pressure system had built into a tropical cyclone in the northern Coral Sea and was steadily moving west towards the Queensland coast.

It was earlier expected it would make landfall as a category 3 storm.

READ MORE: Government won't rule out fuel rationing as war drags on

At 4pm (AEST), Narelle was a category 1 storm with winds at its centre of 85km/h and gusts up to 120km/h.

"Narelle is expected to move steadily to the west and approach the far north-east Queensland coast between Lockhart River and Port Douglas. A severe impact is likely late in the week," the bureau said.

The region is on alert for heavy rainfall, flash flooding and high tides.

The bad weather should stay offshore until at least Thursday, meteorologist Dean Narramore said earlier.

"As the tropical low and developing cyclone approach far northern Queensland through Thursday and Friday, those winds will begin to turn more east-south-easterly.

"That will allow rainfall and winds to increase, particularly north of around Townsville and especially along parts of the north tropical coast from Thursday night into Friday.

https://x.com/BOM_au/status/2033805410281365877

"In terms of rainfall, many coastal areas are unlikely to see much over the next couple of days while the system remains further away.

"But as it approaches the coast on Thursday and Friday, heavy rainfall will begin to develop across parts of the north tropical coast."

Once the system crosses the Queensland coast, it is expected to move out into the Gulf of Carpentaria over the weekend and possibly over towards the Top End.

People in the region are advised to stay up to date as the intensity and forecast track map of the system is still unclear.

Flood watches are in place for many areas of far northern Queensland and more widespread heavy rainfall is expected.

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A man has been charged with two counts of murder after his daughter and wife were found dead in a Queensland home last week moments after he was struck by a car nearby.

Kate Paterson, 38, and her one-year-old daughter, April, were found dead with apparent stab wounds in the family's Bannockburn home on March 12 after the child's father, 38-year-old Blake Seers, was struck by a vehicle just a few hundred metres away.

Officers responding to Seers' injuries went to the home to notify his family, but instead found the mother and daughter dead with "injuries consistent with an edged weapon", Detective Superintendent Chris Ahearn said.

READ MORE: Emergency meeting with major fuel companies held as petrol crisis continues

Seers was admitted to hospital in a serious condition. 

The 38-year-old has been charged with two counts of murder, including domestic violence against a child.

He continues to receive medical treatment in hospital and is due to appear in Brisbane court via video link tomorrow.

Support is available from the National Sexual Assault, Domestic and Family Violence Counselling Service at 1800RESPECT (1800 737 732)

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Australia's consumer watchdog insists it will keep a close eye on fuel companies in the coming weeks to guard against price gouging at the petrol pump.

In an emergency meeting held today, the Australian Competition and Consumer Commission (ACCC) met with representatives from the biggest fuel suppliers in Australia, including Ampol, BP and Chevron, after petrol prices have soared and fuel supply has plummeted in some parts of Australia.

The ACCC reaffirmed its stance on price gouging at the pumps, telling fuel suppliers that Australians were struggling under the strain of more expensive petrol, or being unable to access it at all.

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The fuel suppliers were also asked to explain price hikes in petrol, and why they were increasing at such a fast rate.

Average prices for petrol have ballooned from around $1.80 a litre before the war in Iran to around $2.20 now.

The price of diesel has gone even higher, currently sitting at around $2.45.

"We urged the fuel companies to be open and honest with consumers about the reasons for their pricing decisions," ACCC Commissioner Anna Brakey said.

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"Since this crisis began we have heard from many consumers who are concerned and frustrated about pricing conduct by retailers."

ACCC Chair Gina Cass-Gottlieb confirmed she would ensure strong action would be taken against fuel suppliers found to be price gouging.

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"If we find there is conduct that is collusive, for example any agreements to divide up or supply certain customers or set prices, or any other collusion in breach of competition laws, we will investigate it and take action," she said.

Cass-Gottlieb claimed the ACCC were given "important information about the supply chain [and] the volatility in international pricing," but she encouraged fuel suppliers to be open with customers, especially farmers in rural regions who are beginning to struggle with a lack of petrol.

"We encourage fuel companies to be accurate, open and honest about the reasons for price increases across the country and to treat their customers fairly," she said.

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City commuters in Victoria have been urged to stop driving and take public transport to work as regional communities in the state battle an ongoing fuel shortage.

Petrol stations in rural Victoria are running completely dry, leaving farmers who urgently need diesel to operate machinery in the lurch.

Victorian Farmers Federation (VFF) president Brett Hosking has called on the state government to make public transport free to encourage workers in Melbourne to stay off the roads and save the much-needed fuel for farmers.

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"We need to get the fuel out of our metropolitan areas and into those rural communities, where it's needed to grow your food and fibre, where it's needed to get kids to school, where it's needed to get people to work," Hosking told Today.

"Australian farms run on liquid fuel, it's a reality we can't avoid.

"We don't have a public transport network, we're required to drive long distances, and we need liquid fuel to make that happen."

Hosking said farmers and their families desperately need the government to step in and ease the fuel crisis.

Demand for fuel has skyrocketed and has affected "every corner of Victoria", Hosking said.

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But the flow of petrol and diesel has been disproportionately stemmed in regional areas.

Robinvale in Victoria's north-west is believed to be the first town in the state to run out of fuel on the weekend before resupply arrived.

The towns of Wedderburn and Bonnie Doon are also facing the prospect of empty bowsers.

Hosking said fare-free public transport would be a "simple" way to help farmers out of this predicament until supply stabilises.

"We need some support to make sure we're getting that liquid fuel to those who need it the most," he added.

"If just one in five Victorian car commuters shifted to public transport, the fuel saved would be enough to plant roughly half of Australia's wheat, barley, canola and lentil crop.

"There's some really simple levers here to pull, and we just need to have the will to be able to do it."

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He said even one or two extra days on the train or bus per week instead of a trip in the car would make a meaningful difference.

Hosking warned this was the crisis point for farmers and that supermarket shelves could soon be empty too if nothing changes.

"For now, we're asking for a helping hand to grow the food and make sure it gets to where it needs to go."

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The conflict in the Middle East is dragging on throughout March, as the persistant retaliatory strikes escalating in Iraq, Lebanon and the United Arab Emirates (UAE) and campaign of US-led offensives in Iran threaten to spill over into Easter.

US President Donald Trump ramped up his pressure on key allies earlier today, particularly the United Kingdom, to send help to the Middle East to reopen the Strait of Hormuz for oil shipments.

Global oil prices are yet to stagnate, which is continuing to send petrol and diesel costs soaring in Australia – htiting regional communities and farmers the hardest.

LIVE UPDATES: Australia bracing for pain as RBA meets behind closed doors

Australia's economy has not been immune to the conflict either, with the Reserve Bank's decision to raise the cash rate to 4.10 per cent blamed partly on inflation biting due to the ongoing war.

Trump puts pressure on allies to help in Middle East

Trump redoubled his push for allies to send ships to secure a critical oil transport route as the war in the Middle East sends petrol prices souring.

In a press conference today he said he was "not happy" with the UK, labelled France "not perfect" and said he would be "disappointed" in some other allies.

Trump has said he's called on "about seven" countries to send ships to the Middle East to secure the Strait of Hormuz, which Tehran has effectively shut down with threats since the US and Israel attacked Iran and killed former supreme leader Ali Khamenei.

"We'll give you a list. Some are very enthusiastic, and some are less than enthusiastic, and I assume some will not do it," Trump said, implying he was keeping score of when and how allies would come to the party in the strait.

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Attacks in Israel, UAE, Iraq and Lebanon

Several pieces of missile shrapnel, some as large as three or four metres in diameter, fell near holy sites across the Old City of Jerusalem overnight, according to police.

Some shrapnel landed near the Church of the Holy Sepulchre, which contains the biblical site at which Jesus Christ was buried.

In Abu Dhabi, firefighters responded to a blaze that started when a drone struck the Shah oil field.

It was the second attack on an oil facility in the UAE, after a fire broke out in the Fujairah Oil Industry Zone on Monday following a drone attack.

Israel also expanded its ground operations in Lebanon to deter Hezbollah attacks against northern Israel.

Israeli strikes in Lebanon against Hezbollah have displaced more than one million people, the Lebanese Disaster Risk Management Unit said.

And a hotel in central Baghdad's Green Zone was damaged in a drone attack, Iraq's Ministry of Interior said.

READ MORE: Government won't rule out fuel rationing as war drags on

Social media videos show smoke and flames rising from the Al-Rasheed Hotel, which is located in an area housing government offices and diplomatic buildings, including the US Embassy.

"The ministry wishes to clarify that, after specialised forensic teams conducted an on-site and technical inspection, it was found that a drone had struck the upper fence of the hotel, without resulting in any loss of life or significant material damage," the interior ministry said in a statement.

The Israeli Defense Forces (IDF) later said it had launched a "wide scale wave" of attacks against Iran.

It said the strikes targeted infrastructure in Tehran.

An additional wave of strikes was also launched in Beirut, the IDF said.

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UAE briefly closes all airspace

The UAE announced the temporary and complete closure of its airspace in an "exceptional precautionary measure" today.

The airspace closure was lifted within a few hours.

Air traffic in the region returned to normal, which included commercial flights out of the region to Australia.

However, the GCAA warned that "continuous real-time monitoring remains in place to ensure the highest levels of safety of air navigation".

Chalmers blames war for inflation biting

On Australian soil, the Reserve Bank of Australia (RBA) surprised precisely no one by increasing the cash rate to 4.10 per cent.

Treasurer Jim Chalmers said the escalating conflict in the Middle East has contributed to inflation, which was already headed for troubled waters.

"The impacts of what we're seeing in that part of the world are already substantial, but we don't know yet how enduring those very substantial economic pressures will be," he said.

"It depends very heavily on how long the conflict in the Middle East continues for."

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The family of accused Bondi terrorist Naveed Akram are at risk of being killed and should have their names kept from the public, a court has been told.

The 24-year-old alleged gunman is seeking a court gag order preventing publication of the names of his mother, brother and sister, who say they have received death threats since Akram's arrest.

A 10-year-old girl was among 15 people killed when Akram and his father, 50-year-old Sajid Akram, allegedly opened fire on a Hanukkah celebration at Bondi Beach on December 14.

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Akram's barrister Richard Wilson SC today acknowledged his client had been charged over the biggest terror attack in Australia's history.

"The outpouring of public grief, public outrage and public anger at what he and his father allegedly did are unprecedented, extraordinary and absolutely understandable," he told a hearing at Sydney's Downing Centre Local Court.

"However, there is no suggestion (his) mother, brother or sister had anything to do with it."

Angry, misguided individuals keen to be vigilantes could target Akram's mother and siblings, Wilson said.

Some already had, he added.

The family had received death threats and had been intimidated by groups of men turning up at their home late at night, Wilson told the court.

"Are you still alive?" an unknown male asked Akram's mother over the phone.

"We're going to kill you," someone else told Akram's brother on WhatsApp.

The court was told their home had been vandalised, had pork chops thrown onto the driveway and people had driven past in utes yelling slurs and death threats.

Akram's driver's licence was distributed widely online minutes after the December 14 attack.

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The suppression order was needed because there was a catastrophic risk that one of Akram's family members could be killed, Wilson said.

There was also a risk of mental harm with the family living in a state of fear, he said.

While details of the family had already been published, the gag order would have a dampening effect on future threats, Wilson argued.

Akram silently watched the hearing by audiovisual link from Goulburn's supermax prison, often bowing his head.

Several media outlets opposed the suppression application, arguing transparent reporting could be therapeutic for the community.

This was especially important due to the hostility and raw emotion felt after the massacre, the outlets' barrister said.

"The public requires confidence to know that an (alleged) terrorist who's affected the worst terrorist offence in Australian history is going to be held to justice," Matthew Lewis SC told the court.

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He cast the gag order as futile due to the names and address of the family having already been widely reported nationally and overseas. He also attacked evidence from Akram's mother and brother as speculation.

He said there was no expert evidence proving the likelihood and imminence of any risk towards the 24-year-old's family.

But the lawyer representing News Corp, Nine newspapers, the Guardian and the ABC acknowledged the Akram relatives' plight.

"The court could have sympathy with Akram's mother and siblings, finding they were three further people impacted by the Bondi attack," Lewis said.

Akram has not yet been required to plead to dozens of charges, including terrorism offences and multiple counts of murder.

His father was killed by police during their alleged terror attack, which was Australia's deadliest mass shooting since 1996's Port Arthur massacre.

A box-like bomb was allegedly found in the boot of their car while two hand-painted ISIS flags were also in the vehicle.

The magistrate is expected to make a decision on the suppression order on April 2.

The Reserve Bank of Australia (RBA)'s decision to increase the cash rate by 0.25 per cent is set to be quickly passed on to mortgage holders.

Just hours after the decision was announced by RBA Governor Michelle Bullock, National Australia Bank (NAB) told its customers it would be passing on the increase.

NAB Group Executive Ana Marinkovic said the bank recognised the added pressure it would add to households who were coming to terms with February's rate rise and were battling higher inflation and petrol prices.

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"We know another rate increase will be challenging for many Australians, particularly in the context of ongoing cost-of-living pressures," she said.

She said many customers had anticipated this and built a safety net, she conceded "that won't be the case for everyone."

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Westpac followed suit, announcing their home loan interest rates would increase by 0.25 per cent, but also increasing the interest rate to their customers with savings accounts – something NAB did not announce.

"With overseas conflict impacting inflation and cost of living, we know these are uncertain times for many of our customers," Westpac Chief Executive Consumer Carolyn McCann said.

"We are here to help and if customers are concerned, we urge them to contact us as early as possible so we can talk through the support options available," she added.

ANZ and Commonwealth Bank are expected to follow suit in passing on the rise to customers.

READ MORE: The Reserve Bank has hiked interest rates again. How much will this cost me?

The RBA made the decision for a second straight rate increase in a five to four vote, with Bullock claiming there was "robust discussion" between members.

However, she insisted this was not about making the decision itself, but about whether this was the right time, as she said this was the only decision they could make to cut down on inflation.

"The direction wasn't the issue," she said.

"Higher petrol prices will add to inflation, but they're not the reason for today's decision… Inflation was already too high."

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Images show large-scale damage to several buildings in Beirut.

A man who murdered his lawyer girlfriend with a champagne bottle in a hotel room after she said she wanted to break up will spend at least 19 years behind bars.

Cameron John Pearson, 44, struck Alice McShera, 34, in the head and face with the bottle between five and nine times in a lethal late-night attack at the Crown Towers complex in Perth on October 30, 2023.

Pearson pleaded guilty to murdering McShera and was sentenced today in the WA Supreme Court to life in prison.

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He will be eligible for parole after serving 19 years.

"Your offending involved a brutal, senseless and unprovoked attack," Justice Michael Gething said.

"You abused her trust and exploited her vulnerability.

"Ms McShera was an entirely innocent victim."

The family law specialist, who had previously helped the killer with legal matters, suffered nine injuries, including skull fractures, deep lacerations to her head and face, a brain bleed and traumatic brain injury.

Hotel staff found her body on the bathroom floor the following day with the bloodied bottle beside her.

Pearson was in a bathtub in the same hotel room – number 1227 – in his underwear, holding a broken champagne glass with serious self-inflicted injuries to his wrist.

He later told police the pair had been arguing after McShera told him she was leaving him, and he attacked her while she was putting on makeup and getting ready to go out.

"I lost it and hit her over the head," he later told investigators during an interview.

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"Because she was leaving me."

The courtroom, packed with members of the Perth legal fraternity, heard the pair had been staying at the hotel in a bid to reconcile their increasingly volatile relationship, which involved recreational methamphetamine abuse.

After Pearson, a fly-in-fly-out boilermaker, killed McShera, he covered her with towels and a robe, and "chilled out" in the hotel room.

He attempted to end his own life after hotel staff tried to enter the room, following a call from McShera's concerned family.

"Your offending involved the most extreme kind of domestic violence," Justice Gething said.

National Sexual Assault, Domestic Family Violence Counselling Service 1800RESPECT (1800 737 732).

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