Ian Verrender

And it distorts the inflation effects.

It then makes the Reserve Bank's job more difficult when it comes to interest rates because inflation ends up being a problem for far longer than it ordinarily would have been.

So as tough as it does sound like this, I think we need to be exposed to what the real problems are in the world here.

Yeah.

And look, the Reserve Bank, Treasury, everybody is forecasting a quick resolution to this conflict.

That's right.

And I think there's a realisation now that it's not going to be a quick resolution.

And so, you know, the price effects will really start to hit.

And particularly with chemicals, helium, all sorts of other side effects from the shortage of oil.

And this is really going to start to work its way through the global economy.

So, I mean, we can try and insulate ourselves here as best as we could.

And look, the, you know, the rebate was a good idea if it had been a very short term problem.

But you can't do this forever.

And so at some stage, yeah, it's really expensive.

We're running deficits as it is.

So at some stage, it's going to have to come off.

And if this is going to be the new world order when it comes to fuel prices, then we'd better get used to it.

G'day, Carrington.

How are you going?

Yeah, look, it's a really difficult one and it's going to be key to the budget.