2319 GMT [Dow Jones]--The threat from high fuel prices to toll road owner Transurban looks relatively mild to Macquarie. But it would become more material if Australia pivots to rationing fuel. "Whilst elasticity around fuel costs is low at 0.13, it still implies a volume reduction of 4%," Macquarie says. It says the period from late-2007 to later-2008 is the closest example. Back then, interest rates rose twice, fuel costs lifted 20% and household budgets were squeezed. This saw demand fall 4% on some roads where there were no roadworks, Macquarie says. "Expectation of a 3-month elevated price is trivial at less than A$0.01 of cash flow, and we do not anticipate it to impact the dividend payout," it adds. Macquarie has a neutral call on Transurban. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

April 01, 2026 19:23 ET (23:23 GMT)

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