Today I’ve committed to supporting a 50% reduction in excise tax on petrol and diesel in Australia for the next twelve months.
The household budget cannot support petrol prices as they burst through the $2.00 a litre mark. These prices will hurt families, lift the price on farming and freight - which will increase the weekly grocery bill.
Australians are being ruthlessly gouged by global oil prices and Federal Government imposed Excise Tax which is currently set at $0.442 cents for every litre of fuel purchased.
Budget papers show Australian motorists will pay $49.3 billion in net fuel excise over the next four years.
The saving to households will cost the federal government roughly $6 billion over the next year.
Something has to give!