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Government halves fuel excise to cut price on petrol and diesel
Anthony Albanese has announced a four-point fuel action plan as well as a halving of the fuel excise. (ABC News: Callum Flinn)
The government has halved the fuel excise, reducing the cost of petrol and diesel by 26.3 cents a litre for three months.
The heavy road user charge will also be reduced to zero for the same period, taking pressure off truck drivers and transport costs.
State and territory leaders agreed in a national cabinet meeting on a four-point fuel supply action plan.
The government has halved the fuel excise on petrol and diesel for three months, reducing the cost of fuel by 26.3 cents a litre.
Did Anthony Albanese just cement a third interest rate hike in May by cutting the fuel excise?
Injecting $1.5bn via petrol subsidies into an inflated economy may change things for the Reserve Bank board at its next meeting
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Economists will say that what millions of motorists gain in cheaper fuel through the prime minister’s three-month fuel excise cut, they will lose in more expensive mortgages.
It may be good politics, but injecting $1.5bn via petrol subsidies into an economy that is already struggling with a resurgent inflationary problem is not going to make the Reserve Bank of Australia’s job any easier.
Jim Chalmers says halving the 52.6c a litre fuel tax for three months will save a motorist $19 at the bowser on a 65-litre tank – and much more for those driving the ubiquitous gas-guzzling utes.
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