Join our daily newsletter At The Bell to receive exclusive market insights
- The Australian Government has been called on to cut the fuel excise tax amid rising fuel prices from sanction imposed on Russia
- The fuel excise is worth $20.8 billion and sees Australians pay an extra 44.2 cents per litre
- Russia’s invasion of Ukraine has seen fuel prices spike to over $2 a litre, prompting appeals for a pause of the excise tax or for it to be halved
- The federal budget is expected to be delivered at the end of this month, but the Prime Minister is yet to comment on whether the excise will be cut
- He has indicated tax cuts may be utilised to offset the increased costs of living
The Australian Government has been called on to cut the fuel excise tax amid rising fuel prices from sanction imposed on Russia.
The fuel excise is worth $20.8 billion and sees Australians pay an extra 44.2 cents per litre.
However, the government said the funds from this tax pay for road infrastructure.
Russia’s invasion of Ukraine has seen fuel prices spike to over $2 a litre, prompting appeals for a pause of the excise tax or for it to be halved.
With a federal election in May, Labor opposition leader Anthony Albanese criticised Scott Morrison today for doing nothing about petrol prices.
State premiers have made similar calls, hoping to reduce the increased costs passed on to the community.
The federal budget is expected to be delivered at the end of this month, but the Prime Minister is yet to comment on whether the excise will be cut.
However, he has indicated tax cuts may be utilised to offset the increased costs of living.
Morrison is focusing on national security and defence in the upcoming election, but it has yet to deliver any improvement to his popularity.
Morrison is trailing behind Albanese with an approval rating of 41 per cent.
