Fuel spend falls for two consecutive weeks

19 April 2026

Westpac DataX has found Australian households have experienced a two week decline in fuel spending for the first time since the Iran war began.

In an analysis of Westpac customer debit and credit transactions across the Group, fuel spend dropped 3.8% last week to $163.4 million¹. This followed a 17.9% drop the week prior² to $169.8 million, ending a run of uninterrupted increases since the onset of the conflict.

While fuel spend remains elevated, up 16.2% on a year-ago basis, the direction of travel is encouraging. Across the six-week period, fuel spending has been $236.7 million higher year-on-year, but momentum is now clearly moderating as prices ease and households adjust.

Westpac Chief Executive, Consumer, Carolyn McCann, says that while the drop indicates lower headline prices are bringing some relief, the outlook remains uncertain.

"Households have been under sustained pressure since early March, so seeing fuel spend fall back is a meaningful shift and suggests the fuel excise cut is landing in household budgets," McCann said.

"However, fuel costs are still higher than people were used to before the shock, and we're starting to see the impact shift to some business sectors that are less able to pass costs on quickly."

At a transaction level, average fuel transaction values rose 2.9% week-on-week to $59.21, despite lower pump prices. This suggests a pull-back in short-term stockpiling behaviour, with spending increasingly reflecting essential fuel use rather than precautionary fill-ups.

Fuel transaction volumes also continued to ease, with the number of fuel customers declining again week-on-week. Fuel's share of wallet fell to 5.4% after peaking at multi-year highs, although it remains above pre-conflict norms.

The easing in fuel spend is evident across both metro and regional customers. Regional customers continue to refuel more frequently and spend more per transaction, reflecting higher reliance on private transport and fewer alternatives, but both metro and regional areas are now showing a similar post-spike correction.

Discretionary spending remains above last year's levels overall, though the last week of March recorded the first year-on-year decline, an early sign that household budgets are becoming more tightly managed as essential costs normalise.

"We know many households and businesses are feeling the strain," McCann said.

"We encourage any customers who might be doing it tough or have concerns to call us to discuss their options."

About the data
Analysis based on Westpac Group credit and debit card transactions from pre-event (26 January - 1 March) compared to post-event (2 March - 12 April) versus year-on-year (2026 vs 2025). Latest data as at Week 6 post-event (w/c 6 April 2026).

About Westpac DataX
Westpac DataX is Westpac's data analytics business using de-identified data sourced from across the bank's operations. If you would like more insights on your sector or business from this and other Westpac data please visit Westpac DataX.


^[1] Weekly fuel spend w/c 6 April (Week 6 since the conflict broke out), compared to the same period the year prior.

^[2] Week 5 fuel spend (w/c 30 March)

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