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PM still hedging on extension of fuel tax discount
Anthony Albanese will decide whether to keep the 32-cent-a-litre relief as Australia holds 44 days of petrol in reserve.
- Prime Minister Anthony Albanese announced on Sunday a one-month extension of the fuel excise discount, which will halve to 16 cents per litre throughout July.
- The federal government introduced the original 32-cent-per-litre excise reduction in April following global oil supply disruptions caused by Iran's closure of the Strait of Hormuz on February 28.
- Extending the excise relief will cost around $400 million, adding to the $2.5 billion spent on the previous three-month cut; Energy Minister Chris Bowen confirmed Australia holds its second-highest fuel stockpile since 2023.
- The 16-cent discount reduces a 65-litre tank's cost by around $11, while forecasters expect fuel prices to continue falling following a ceasefire agreement signed by the United States and Iran on Wednesday.
- With the discount tapering off entirely after August 2, the government will seek state support at a national cabinet meeting on Monday to cover the July extension, designed to prevent renewed panic buying.
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Coverage Details
Total News Sources20
Leaning Left10Leaning Right3Center2Last UpdatedBias Distribution67% Left
Bias Distribution
- 67% of the sources lean Left
67% Left
L 67%
13%
R 20%
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