Australia extends fuel excise discount, but petrol pump prices set to rise slightly
Australia's federal government has confirmed that it will extend the temporary fuel excise discount for another month, but cut the rebate from 32 cents per litre to 16 cents per litre. That will translate into a small rise in pump prices. The arrangement reflects an attempt to balance energy costs and fiscal discipline.
Australia's federal government has confirmed that it will extend the temporary fuel excise discount for another month. The rebate, however, will be cut from 32 cents per litre to 16 cents per litre, which will translate into a small rise at the pump. The move was announced via ABC News Australia.
The discount was first introduced last year to cushion fuel inflation triggered by global energy price swings and Middle East tensions. The Treasury says the extension will continue to ease pressure on household budgets, while stressing that the support cannot become permanent. The Fiscal Council has also warned that long-running subsidies stretch the debt outlook.
The opposition and trucking associations argue that the cut in the rebate will create cost pressure for small businesses. The Reserve Bank of Australia has reminded markets that fuel prices remain a meaningful component of the inflation outlook. By the end of next month, the government is expected either to phase the rebate out entirely or announce a gradual schedule.
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