Monday morning. The temporary 16 cent per litre fuel excise cut ended at midnight last night, and from today the full 53 point 7 cents per litre excise applies at every wholesale sale of unleaded and diesel in Australia. Retail pump prices will not lift the full amount instantly. The ACCC notes that new fuel supplies can take up to 10 days to filter through the retail network as service stations work through the last of the discounted inventory. That means today is the strongest single day of the week to fill up on cycle-low prices, before the higher wholesale cost catches up. Beyond the bowser, the RBA meeting is now just 8 days out, with the Big Four banks now unanimously calling a hold at 4 point 35 per cent for the first time in over a year and money markets pricing a hike at just 3 to 4 per cent. Today’s Top 5 opens with Glassons at up to 54 per cent off womens fashion.
Fuel Cliff Day One: The 10 Day Filter Window Starts Today
Australia’s fuel excise reset landed at midnight last night. From today, Monday 3 August 2026, the full 52 point 6 cents per litre excise applies to all wholesale unleaded and diesel sales, and the biannual Australian Taxation Office indexation ratchet takes the total rate to 53 point 7 cents per litre. That is confirmed on the ATO excise duty rates page updated 29 July 2026. Treasurer Jim Chalmers ruled out a further extension last week, with the temporary relief measure introduced in April 2026 during the peak of the Middle East fuel price spike now fully unwound.
The retail read for Australian shoppers this morning is more nuanced than a simple 16 cent per litre overnight jump. The ABC on 2 August 2026 reports that the ACCC has flagged the retail passthrough will take approximately 10 days to fully filter through the network as service stations sell down their last discount-excise inventory before restocking at the higher wholesale rate. RACQ principal economist Ian Jeffreys projects unleaded pump prices could reach 220 cents per litre and diesel could hit 260 cents per litre within that 10 day window, per the same ABC report. Guardian Australia reports the latest MotorMouth data has Canberra unleaded already at 205 point 6 cents per litre, Darwin at 204 point 4 and Hobart at 200 point 5 on Saturday morning, per The Guardian on 1 August 2026.
Monday Fill Strategy: Cycle Low Meets Filter Delay
Two forces are now working in opposite directions this week. Force one, the price cycle, is a shopper’s friend: Monday sits at or near the cycle low across Sydney, Melbourne and Brisbane in most weeks, with the cycle typically rebasing higher through Tuesday and Wednesday. Force two, the excise passthrough, is a headwind: as the week progresses, retailers restock at the higher wholesale rate and shelf prices grind higher. That combination makes this Monday morning the strongest single fill window of the week for city motorists. Use the MotorMouth or PetrolSpy apps to run a 5 kilometre scan from home this morning and target the cheapest independent site within range, which typically undercuts the majors by 8 to 12 cents per litre at the cycle bottom.
Second tool: if you fill this morning and want to lock the current price for another tank later this week, the 7 Eleven Fuel Lock app allows a lock for up to seven days at any participating 7 Eleven site nationally. Register once, lock the current unleaded or diesel price, redeem mid week when average shelf prices have already grinded higher. Third tool: state government fuel apps offer real time pricing. In NSW and ACT use Fuel Check. In Victoria use the Service Victoria app. In Western Australia use FuelWatch. Northern Territory has MyFuel NT. Tasmania has FuelCheck TAS. Queensland shoppers can use MotorMouth or PetrolSpy directly. Fourth: top up secondary vessels this morning as well. Camper trailer tank, caravan onboard tank, boat outboard, ride on mower jerry cans, workshop supply. Every 20 litre jerry can filled this morning at cycle low saves roughly 3 dollars 40 cents against likely late-week pricing.
RBA Hold: 8 Days Out, Big Four Unanimous For The First Time In A Year
For Australian mortgage households, the second half of this week’s macro story is genuinely reassuring. The RBA Monetary Policy Board meets on Monday 10 and Tuesday 11 August, with the cash rate decision published at 2:30pm AEST on Tuesday 11 August. All four Big Four banks are now aligned on a hold at 4 point 35 per cent for the balance of 2026. This is the first time the Big Four have shared a single cash rate forecast in over a year. Westpac was the last to shift on Wednesday 29 July after the June quarter CPI print landed at 3 point 8 per cent, with chief economist Luci Ellis telling clients the downside surprise on inflation removes the case for a rate hike in August, per The Broker Times on 31 July 2026.
Money markets have moved harder. Overnight indexed swap markets now price an August hike at just 3 to 4 per cent, down from 20 to 22 per cent before Wednesday morning’s CPI print. The offshore banks have gone further still: Goldman Sachs Australia chief economist Andrew Boak scrapped his August hike call the same afternoon and now expects the first RBA move to be a cut in February 2027. JPMorgan Australia chief economist Ben Jarman told clients the hiking cycle is over and the next move will be down in 2027. Canstar estimated that the withdrawn August hike scenario represented a 92 dollar per month increase to minimum repayments on a 600,000 dollar variable rate mortgage over 25 years, per Canstar on 29 July 2026. That is 92 dollars per month household budget breathing room that has now essentially been locked in for the second half of 2026. Consensus among all four majors: hold this month, hold through year end, cuts do not begin until the second half of 2027. Trimmed mean underlying inflation still sits at 3 point 6 per cent, above the 2 to 3 per cent target band, so the November quarterly print remains the next major decision gate for the Board.
Retail Backdrop: Myer Warning Still Weighs
The retail context in which today’s fuel cliff and this week’s RBA hold sit remains fragile. On Monday 27 July, Myer released its FY26 sales update. Total sales rose 11 point 3 per cent to 4 point 08 billion dollars on the back of the apparel brands acquisition, but comparable sales rose just 0 point 7 per cent. Myer shares fell 12 per cent on the day to 23 cents, a four year low, per Reuters on 27 July 2026. June sales fell 5 point 5 per cent month on month, July fell a further 4 per cent, despite heavier promotional activity. Chief executive Olivia Wirth flagged the second half as volatile and significantly more challenging on the earnings call, per Inside Retail on 28 July 2026.
Roy Morgan consumer confidence printed 74 point 7 in June, the lowest reading in the survey’s 40 year history, and recovered only marginally to 75 point 6 in July, still well below the neutral benchmark of 100. Retail trade sentiment printed 66 point 5 in June, the third lowest reading on record for that sector. Wirth pointed to three interest rate increases across the first half of 2026, Middle East fuel price spikes and an unseasonably warm winter that hurt cold weather apparel sell through as the compounding pressures on discretionary shopping. AMP senior economist Diana Mousina told AAP that consumer sentiment sits at recessionary levels but actual spending is holding up better than sentiment suggests, per AAP News on 27 July 2026. Roy Morgan tracking also shows 39 per cent of Australian shoppers now actively delay purchases until major sale events, up sharply on the same time last year. That delay dynamic is exactly what is driving the sharp winter clearance discounting in today’s Top 5 as retailers push winter stock ahead of the mid August spring transition.
Monday Top 5 Deals
Discount
GlassonsWomen's WearUp to 54 per cent off Glassons: dresses, tops, denim, jackets, knitwear, activewear and accessories from the Australia and New Zealand owned womens fashion label established in Christchurch in 1985, with Afterpay, Zip, PayPal and free click and collect at over 60 Australian stores.54%OFF2
Jac + JackFashionUp to 40 per cent off Jac + Jack: cashmere knitwear, silk tops, dresses, denim and elevated basics from the Sydney designer label established by Jac Cameron and Lisa Dempsey in 2004, with Afterpay, Zip and free Australia wide shipping over 150 dollars.40%OFF3
Novo ShoesWomen's FootwearUp to 40 per cent off Novo Shoes: ankle boots, knee boots, heels, sneakers and sandals from the Australian owned womens footwear retailer with stores across Sydney, Melbourne, Brisbane, Adelaide and Perth, with Afterpay, Zip and free click and collect.40%OFF4
Rebel SportSport & FitnessUp to 40 per cent off Rebel Sport: running shoes, football boots, gym equipment, activewear and team supporter gear from the Australian sport retailer with over 160 stores across the country, with Afterpay, Zip, PayPal and free click and collect.40%OFF5
StrandbagsBags & LuggageUp to 40 per cent off Strandbags: cabin cases, checked luggage sets, backpacks, handbags, wallets and travel accessories from the Australian owned bags specialist trading since 1927, with Afterpay, Zip and free click and collect at over 260 Australian stores.40%OFFEvery store in Monday’s Top 5 is Australian owned or locally fulfilled. Every discount was checked against the store’s current sale page this morning. None of it is Temu, Shein, AliExpress, Wish or any offshore marketplace dressed up as a local brand. Every product ships from an Australian warehouse and is backed by the Australian Consumer Law. Glassons at up to 54 per cent off is the outright winner this morning, with the New Zealand and Australia owned womens fashion label running deep clearance across dresses, tops, denim, jackets, knitwear, activewear and accessories. Jac + Jack at up to 40 per cent off covers cashmere knitwear, silk tops, dresses and elevated basics from the Sydney designer label. Novo Shoes at up to 40 per cent off runs boots, heels, sneakers and sandals from the Australian owned womens footwear retailer. Rebel Sport at up to 40 per cent off holds running shoes, football boots, gym equipment and activewear from the Australian sport retailer. Strandbags at up to 40 per cent off delivers cabin luggage, checked cases, backpacks and handbags from the Australian owned bags specialist trading since 1927.
Other Deals Worth A Look
Beyond the Top 5, a handful of other Australian owned or locally fulfilled retailers are worth a Monday scroll as the excise passthrough works its way through the pump network. Koala (today’s Top 6 ticker pick) is at up to 30 per cent off mattresses, sofas, bedframes, pillows and dining furniture from the Australian owned direct to consumer bedding and furniture brand. Portmans holds up to 50 per cent off tailoring, dresses, tops and denim from the Australian owned womens fashion label. Lee Mathews is at 40 per cent off tops, dresses and knitwear from the Sydney designer label. Rebel Sport already covered above. Best and Less holds 30 per cent off womens, mens and kids basics from the Australian value fashion chain. Veronika Maine is at 30 per cent off tailoring, dresses, coats and knitwear. Williams Shoes is at 30 per cent off boots and heels from the Australian family footwear chain trading since 1930. All Australian owned or locally fulfilled, all backed by the Australian Consumer Law.
Week Ahead
Three dates matter for Australian shopper wallets between this Monday morning and the RBA meeting decision on Tuesday 11 August. Monday 3 August today: the full 53 point 7 cents per litre fuel excise applies to all wholesale unleaded and diesel sales, with retail passthrough working through the network across the next 10 days according to the ACCC. Wednesday 6 August at 11:30am AEST: the June quarter Wage Price Index lands from the ABS. It is the last major data print before the RBA meeting the following week, and gives the Board a fresh read on how strong wages growth still is against a slowing headline CPI at 3 point 8 per cent. Friday 8 August: the RBA publishes its August Statement on Monetary Policy alongside the meeting decision preparation. Monday 10 and Tuesday 11 August: the RBA cash rate decision, with the announcement at 2:30pm AEST on Tuesday, now overwhelmingly priced by all four Big Four banks and money markets as a hold at 4 point 35 per cent. Mid August spring inventory transitions typically start around 15 to 20 August as retailers pivot from winter clearance to fresh spring stock, so hold discretionary fashion purchases if timing allows for the transition sale window.
Our Take
Monday 3 August is a two speed shopping day. On the wallet drag side, today opens the 10 day fuel excise passthrough window, with RACQ projecting unleaded pump prices reaching 220 cents per litre and diesel 260 cents per litre by the end of that window. Filling this morning at the Monday cycle low, before shelf prices have caught up with the higher wholesale rate, is the strongest single fuel savings action a household can take this week. Use MotorMouth or PetrolSpy for a 5 kilometre scan right now, target an independent site, lock a second tank on 7 Eleven Fuel Lock for later in the week, top up jerry cans and camper trailer tanks while cycle-low pricing holds. On the wallet ease side, the RBA hold on Tuesday 11 August is now essentially locked in, with all four Big Four banks and money markets unanimous. Goldman Sachs and JPMorgan expect the next RBA move to be a cut, not a hike. The 92 dollar per month withdrawn hike scenario on a 600,000 dollar mortgage is now permanent breathing room. Retailers are simultaneously running the deepest winter clearance of the year as they push discretionary stock ahead of the mid August spring transition, exactly the window Roy Morgan flagged with 39 per cent of Australian shoppers now actively delaying purchases until major sale events.
That is exactly why It’s On Sale exists. We track 35,000 Australian stores and 45,000 live sale products, every retailer Australian owned or locally fulfilled, every promotion audited daily against the store’s own price history. No trial traps, no hidden fees, no offshore marketplaces dressed up as a local brand. Today’s Sales shows every store currently running a discount in one place. The AI search reads the way real shoppers ask (try “winter jacket clearance” or “cabin luggage under 200”). None of it is Temu, Shein, AliExpress, Wish or any offshore marketplace dressed up as a local brand. Browse Today’s Sales this Monday morning to make your money go further with Australian retailers who stand behind the ticket and the Australian Consumer Law.