Russia-Ukraine war and sanctions impact Australian economy with record fuel and food prices

A perfect storm of catastrophic financial pressures is brewing in Australia even before war breaks out with Russia over Ukraine.

The tense military situation might be half a world away, but the impact will still be felt Down Under with fuel prices hitting record highs, grocery bills soaring, and the stock market falling.

Inflation could surge on the back of the increasing household bills, which will then spark interest rate rises and inflict even more misery on Australian families with higher mortgage repayments.

And that’s before a single shot is fired on the Russia-Ukraine border.

Petrol prices have already more than doubled in Australia since April 2020 and the NRMA warned there would be even more pain at the petrol bowser if war is declared.