Federal government is expected to suspend fuel excise, millions of Australians to receive financial aid
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Fresh reports suggest that the federal government is soon to announce the suspension of fuel excise.
Millions of Australians are breathing a collective sigh of relief after it was reported that the Morrison government will be slashing the fuel excise by between 10c and 20c for six months in a bid to alleviate the skyrocketing cost of living in the country.
At the time of writing, Treasurer Josh Frydenberg is expected to announce the 44.2c a litre tax cut later today when he delivers the budget report.
It should be noted that the suspension of excise tax on fuel has been a topic of discussion in recent weeks as Australians saw massive petrol price hikes and the subsequent increase in costs of commodities, with a number of politicians and industry groups arguing against the move due to its financial consequences.
While slashing the fuel excise by 10c would mean a $5-saving on a standard refuel for motorists, the national budget will face a loss of $2 billion over the next six months.
The federal government is expected to announce the suspension of excise tax on petrol. Credit: Che Chorley/ABC News.
Mr Frydenberg has yet to deny nor confirm the reports on the purported move but he said that easing the cost of living, particularly the lowering of petrol prices, was at the top of his priorities.
“We recognise that this is the number one topic around the kitchen tables of Australians right now,” he said.
“When it comes to fuel, this is putting real pressure on household budgets."
“We’ve seen fuel prices about $2 a litre and that really does put pressure on families.”
The suspension of fuel excise was also said to be part of the federal government's cost-of-living package.
Credit: Twitter/@sunriseon7
The package is also expected to include one-off cash handouts — valued between $200 and $400 — to pensioners and working Australians earning up to $120,000 a year.
It was said that the package will be paid out before the federal elections, which was expected to be held in May.
What are your thoughts on this? Given that most industries are petrol-dependent, do you think the suspension on excise fuel is a good idea? Share your thoughts in the comments below!
Millions of Australians are breathing a collective sigh of relief after it was reported that the Morrison government will be slashing the fuel excise by between 10c and 20c for six months in a bid to alleviate the skyrocketing cost of living in the country.
At the time of writing, Treasurer Josh Frydenberg is expected to announce the 44.2c a litre tax cut later today when he delivers the budget report.
It should be noted that the suspension of excise tax on fuel has been a topic of discussion in recent weeks as Australians saw massive petrol price hikes and the subsequent increase in costs of commodities, with a number of politicians and industry groups arguing against the move due to its financial consequences.
While slashing the fuel excise by 10c would mean a $5-saving on a standard refuel for motorists, the national budget will face a loss of $2 billion over the next six months.
The federal government is expected to announce the suspension of excise tax on petrol. Credit: Che Chorley/ABC News.
Mr Frydenberg has yet to deny nor confirm the reports on the purported move but he said that easing the cost of living, particularly the lowering of petrol prices, was at the top of his priorities.
“We recognise that this is the number one topic around the kitchen tables of Australians right now,” he said.
“When it comes to fuel, this is putting real pressure on household budgets."
“We’ve seen fuel prices about $2 a litre and that really does put pressure on families.”
The suspension of fuel excise was also said to be part of the federal government's cost-of-living package.
Credit: Twitter/@sunriseon7
The package is also expected to include one-off cash handouts — valued between $200 and $400 — to pensioners and working Australians earning up to $120,000 a year.
It was said that the package will be paid out before the federal elections, which was expected to be held in May.
What are your thoughts on this? Given that most industries are petrol-dependent, do you think the suspension on excise fuel is a good idea? Share your thoughts in the comments below!
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