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Fuel spend slumps, data shows

Australians have slashed their fuel spending for the first time since the start of the Iran war as leaders call for a return to normal oil shipments through the Strait of Hormuz, AAP reports.

Tehran has backflipped on a promise to open the key oil-trading waterway, firing on ships attempting to traverse the strait.

Announcing it would close the trading waterway, Iran blamed an ongoing US blockade on its ports, arguing the move breached a temporary ceasefire.

Meanwhile, data from Westpac shows Australians are beginning to spend less on petrol and diesel as a cut to fuel excise flows through to the bowser.

In the past fortnight, spending on fuel dropped 3.8 per cent, according to analysis of debit and credit card transactions.

“Seeing fuel spend fall back is a meaningful shift and suggests the fuel excise cut is landing in household budgets,” Westpac consumer chief Carolyn McCann said.