March 14, 2026 — 5:01am Save You have reached your maximum number of saved items. Remove items from your saved list to add more. Save this article for later Add articles to your saved list and come back to them anytime. Got it AAA Two weeks since US and Israel began bombing Iran, fear of
Two weeks since US and Israel began bombing Iran, fear of the inflationary effect in Australia has taken hold.
Indeed, due to petrol alone, a forecast from NAB last week suggested our consumer prices index may spike more than a whole percentage point, to above 5 per cent.
And that raises the spectre of more interest rate rises than already expected. But I’ll come back to that. Here are five immediate ways to contain your rising conflict costs.
Petrol: If we’ve seen one thing since the war broke out and the oil price entered whiplash territory, it’s how little control we have over this as a country (notwithstanding the move to allow ‘dirtier’ fuel here for 60 days and also, just on Friday, to unlock Australian oil reserves).
As I type, the Brent crude price is close to $140. However, locally, there’s no doubt some service stations are playing silly buggers with the petrol cycle, given the immediate jump at some fuel pumps and huge variation between others.
It’s prompted the ACCC to issue a warning against gouging, while the app PetrolSpy remains one of the best ways to find the cheapest fuel near you. In my postcode alone, at writing there was a difference of more than 14¢ per litre between the cheapest and most expensive.
Groceries: If the cost of goods on our supermarket shelves is set to rise (and higher petrol costs alone could swiftly achieve that), it’s time to secure a compensatory across-the-board discount.
Economising aficionados have long shopped purely with gift cards they have pre-purchased at less than face value – you might be able to get 5 per cent or more off everything, which could cancel the increased cost of just a few things.
Look for gift card deals, such as for Woolworths/Wish and Coles, from any relevant telco, automobile association or union loyalty program, and from the Entertainment App (it’s the old-school coupon book, which is sold to benefit charities, reinvented digitally).
Recreation and going out: The above places and – particularly for its huge range – the Entertainment App is great for discounts on recreation and dinners out. There is no need to pay full price – you should be able to get many 2-for-1 meals or tickets, or perhaps 25 per cent off overall.
Bear this in mind, especially with school holidays coming up, for movies and theme parks.
Other shopping: Cashback services rebate you a portion of what you pay for a whole raft of goods and also services. They’re legitimate, even though they sound too good to be true.
There are dedicated services like Shopback, and also over-40s rewards card Citro Rewards, and now also many competing offerings from banks and other organisations.
You should be able to get a chunk back on your every purchase. I like cashback particularly for accommodation where, say, 15 per cent back represents a decent return. My advice for any travel is to wait for the “boosted” offers they release from time to time.
You can also often secure what is really a discount in reverse on groceries via a cashback product too.
Your mortgage: Roughly 35,000 Aussies a month have been refinancing their home loans to better deals recently, according to the ABS lending indicator figures.
The latest Finder Cash Rate Survey reveals that 84 per cent of economists and experts no longer expect any rate cuts this year, although only 38 per cent expect a hike on Tuesday.
Meanwhile, however, three of the big four banks are now forecasting two rate rises this year, with the first one on Tuesday. Only ANZ still believes just one will come, in May. So, there is perhaps no time to lose to ditch and switch your lender.
If you refinance what is now a common home loan of $700,000 from an average variable rate of 6.5 per cent to a market leading 5.5 per cent, you would see $428 a month land back in your pocket.
If you refinance a lower loan of $500,000 from the same initial interest rate for that same “discount”, you would be $306 a month better off. And a higher loan size would, of course, more dramatically redress the suddenly acute hip pocket drain.
Think about it – an instant 100 basis point interest rate saving puts you in the clear of four official rate hikes.
Nicole Pedersen-McKinnon is the author of How to Get Mortgage-Free Like Me, available at nicolessmartmoney.com. Follow Nicole on Facebook, X and Instagram.
- Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.
Expert tips on how to save, invest and make the most of your money delivered to your inbox every Sunday. Sign up for our Real Money newsletter.
From our partners
Leave a Comment
Your email address will not be published. Required fields are marked with *