Ahead of the federal budget announcement on March 29, Australian Prime Minister Scott Morrison has signaled additional measures to counter the rising cost of living, doubtlessly together with short-term petrol excise cuts, per The Guardian.

Key quotes

“Excessive gas prices, which have hit $2.20 in some elements of Australia, don’t just hit the economy and hit family budgets when they fill up, but they have a knock-on effect across the economy.”

“We’ve been carefully considering our response to ensure that we can deliver a budget that both addresses those immediate needs but also ensures that we continue on with our strong economic plan for a stronger economy.”

Market reaction

AUD/USD is easing off two-week highs of 0.7425, as traders remain cautious amid looming Russia-Ukraine risks. The spot is currently trading at 0.7406, down 0.11% on the day.