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Speaker 1: One PM pressor yesterday COVID style alert levels. This fuel

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Speaker 1: spike is bringing back bad memories from those dark days

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Speaker 1: of lockdown? Isn't it just a little bit go on?

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Speaker 1: Omit it? A few facts to put things in perspective

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Speaker 1: this morning. There's a lot of scenarios and best guesses

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Speaker 1: going on, but the reality is we're not yet short

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Speaker 1: on fuel. That's at least weeks away, we're told the

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Speaker 1: economies in recovery, and even those worst case scenarios still

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Speaker 1: have us growing at a little under three percent three percent,

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Speaker 1: about half a percent off pre war predictions, but still

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Speaker 1: near three percent. The other big difference is the response

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Speaker 1: interest rates. Even if inflation hits the high threes aren't

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Speaker 1: expected to shoot up dramatically immediately in response because demand fools,

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Speaker 1: as people put less petrol in the Honda. If you

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Speaker 1: live rually and if you don't have a gray Lin

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Speaker 1: tractor aka a Tesla, the price of fuel of course

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Speaker 1: is going to sting, but it won't cause the sort

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Speaker 1: of catastrophic long term damage lockdowns and COVID supply disruptions did.

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Speaker 1: Nikola Willis, who fronted you es today's one PM media event,

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Speaker 1: made pretty clear that excise cuts and other expensive relief

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Speaker 1: think cost of living payments aren't off the table, but

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Speaker 1: aren't top of the list either. The government is a

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Speaker 1: different beast to the one that came before it. They

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Speaker 1: have learnt the lesson that we're currently paying for of

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Speaker 1: splashing the cash to stay popular. They've resisted demands for

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Speaker 1: stimulus despite two bitter years of recession. Spending up large

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Speaker 1: when inflation is about despite would completely undermine their political credibility,

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Speaker 1: which means when something bad happens, which it is or

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Speaker 1: is about to, will feel the effects of it in

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Speaker 1: real time, and that is no bad thing. For more

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Speaker 1: from Early Edition with Ryan Bridge. Listen live to News

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Speaker 1: Talks at B from five am weekdays, or follow the

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Speaker 1: podcast on iHeartRadio