Australia's national cabinet is to avoid COVID-style measures and is meeting to discuss the oil price situation in Canberra, while Treasurer Chalmers has not explicitly ruled out cutting fuel taxes

This news suggests that the Australian government is opting for a pragmatic approach to the rising oil prices instead of reinstating strict COVID-like measures. The mention of Treasurer Chalmers not ruling out the possibility of cutting fuel taxes indicates a willingness to provide economic relief, which could impact consumer sentiment and spending, as well as influence oil demand in the region.