Excise

Adelaide has the biggest price decline, with unleaded down 24.9 cents and diesel down 21.3 centsFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastFuel prices have started falling immediately across Australia in the wake of the government’s fuel excise cut, unexpectedly accelerating the delivery of the Albanese government’s cost-of-living relief.Prices in capital cities paused then plummeted on Wednesday, after the prime minister announced the tax on petrol and diesel would be halved to 26.3 cents a litre. Continue reading...

Flow-on effect will depend on how quickly service stations sell more expensive fuel, experts warn, leaving Easter travel plans up in the airGet our breaking news email, free app or daily news podcastAustralians expecting relief from punishing fuel prices in time for Easter travel are set to be disappointed, with the industry predicting the effects of Labor temporarily halving the excise will take days or weeks to reach some bowsers around the country.The halving of the fuel excise, which begins on Wednesday and lasts until the end of June, means the federal government will now collect 26.3c from every litre over the next three months instead of 52.6c a litre. Continue reading...

Injecting $1.5bn via petrol subsidies into an inflated economy may change things for the Reserve Bank board at its next meetingFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastEconomists 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. Continue reading...