Price of petrol + Big Mac + Bank interest rate in Australia August 2023

priceofpetrolWelcome to my updated monthly report on key financial figures for Australia. I am doing this to keep historical notes through my life. These figures reported are what I see at the various places and an aggregate. And yes I should have done this many years ago! 

The price of petrol I paid during August 2023 averaged $2.10 for unleaded 91 Octane. Add up to 15c for 95 or 25c for 98. The price for petrol varied many times during the month starting at about $1.83 but jumped above $2. 

The price of diesel was around $2.10. the last time time looked and this the price does not fluctuate much compared to unleaded. Adblue was also priced at about $2 per litre.  

The price of a Big Mac in August 2023 averaged $6.60. The price for the burger alone does vary from store to store based on location! The medium sized ‘meal deal’ which included fries and a drink costs $13.40 as per my monthly visit. As always this is not the fixed price as McDonald’s has a very active app and promotional pricing schedule. 

The average home loan interest rate in August 2023 in Australia was : 5.5 – 7.5%

The average saving interest rate in August 2023 in Australia was : 0 – 5.5%

I was going to quote the official inflation rate from the RBA but it readily available on the website and I know it does not reflect the currently ridiculous price increases. 

Note: that the savings interest rates I saw came with conditions or short term promotion periods – very naughty. 

Note: that fuel prices also vary according to area, the level of competition and a whole heap of other factors like shopping discounts, wars, world wide economics and so forth, however unreasonable high prices (relative to crude oil prices) is greed. Also note that the Octane level I post here represents Australian measurement which is different from those in other countries eg. US.

Apart from the actual prices I paid at the servo the websites I use to research the crude oil pricing are:

Australian Institute of Petroleum (Note that they AIP represents the oil companies.)
Index Mundi  (Seems independent)