Fuel excise cut will take time to trickle down, says treasurer | ABC News Top Stories

Motorists may not notice changes to the cost of petrol and diesel for another two weeks, despite the fuel excise being halved.

From tomorrow, the excise will be cut to about 26 cents per litre for the next three months.

Treasurer Jim Chalmers says it will take some time for the savings to trickle down to drivers.

The Trump administration says the four-to six-week timeline for the war in Iran still stands, as it continues into week five.

The US president is threatening to blow up electricity plants, oil wells and water desalination plants if Iran does not agree to a peace deal - amid warnings that targeting civilian infrastructure will amount to a war crime.

Iranian officials deny any peace talks are taking place, dismissing an American plan to pause the war.

The Reserve Bank of Australia has introduced reforms that will remove surcharges on debit and credit cards from October.

Following 18-months of investigation and consultation, the reforms are expected to save consumers about $1.6 billion each year, and businesses about $200 million.

The RBA also expects a reduction in the cap on interchange fees paid by businesses could see a saving of $910 million each year.