Excise

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...

Move comes five days after Jim Chalmers said Labor was not considering cutting the fuel exciseAnthony Albanese has slashed the fuel excise in half in a move which will save motorists 26 cents a litre, and is encouraging people to take public transport where they can, as the national cabinet announces a plan to manage the petrol crisis.Following a meeting of state and federal leaders on Monday, leaders also agreed to reduce the heavy vehicle road user charge to zero for three months, in a bid to support truck drivers. Continue reading...

Latest figures from ACCC show diesel and unleaded petrol prices across the five largest cities up 10% and 8% respectivelyFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastThe prime minister and energy minister moved to reassure the public about normal or even higher levels of fuel supply in the coming weeks, as the Coalition escalated calls for a cut to the fuel excise and the government downplayed the prospect of any major restrictions on petrol sales.It comes as the latest figures from the consumer watchdog showed diesel prices across Australia’s five largest cities have risen by an average of 10% over the last week, while unleaded petrol was up 8%. Continue reading...

Fuel tax cuts also risk adding to inflation by enabling some households with enough income to spend moreFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastFuel excise cuts would be a “political band-aid” that could worsen petrol shortages and add to inflation, economists have warned.The mining billionaire Gina Rinehart, Tasmania’s state premier and Liberal opposition leaders in New South Wales and Victoria have called for the Albanese government to cut the excise on petrol and diesel. Continue reading...