Australian Prime Minister Anthony Albanese has announced a further reduction in fuel excise to 32 cents per litre, after states agreed to forgo additional GST revenue generated by rising fuel prices.
The change, formalised by Treasurer Jim Chalmers, is intended to provide immediate cost-of-living relief, particularly for motorists and industries reliant on fuel.
The decision comes amid sharp increases in petrol and diesel prices linked to escalating tensions in the Middle East, which were expected to deliver hundreds of millions of dollars in extra GST revenue to states. New South Wales alone was set to receive around $110 million.
Albanese said the government acted to ensure the additional revenue would instead be returned to Australians at the pump, while also urging the public to use fuel responsibly and consider alternatives such as public transport where possible.
Source: The Daily Telegraph
