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Fuel Prices Cut Again in Australia After GST Deal
State and territory leaders will forgo about $400 million a month in GST revenue to fund another 5.7-cent-a-litre fuel excise cut.
- On Thursday, premiers and chief ministers agreed to use an estimated $400 million GST windfall to fund a 5.7 cent per litre fuel excise cut, bringing total savings to 32 cents per litre until June 30.
- Rising fuel costs driven by the conflict in the Middle East triggered a 10% GST increase on retail fuel, delivering states and territories an estimated $400 million monthly windfall.
- Premier Roger Cook confirmed the unanimous decision after initial disagreements between Queensland and Victoria, supplementing the federal government's Monday announcement that halved fuel excise by 26.3 cents per litre.
- Prime Minister Anthony Albanese applauded the agreement as a "combined saving of 32c on every litre," while Queensland Treasurer David Janetzki noted the state's longstanding position to forego windfalls and ease inflation.
- Economists Josh Clyne and Lachlan Vass cautioned that the windfall gain might disappear due to shifting consumer behavior, as higher fuel spending reduces disposable income for other necessities.
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17 Articles
17 Articles
Coverage Details
Total News Sources17
Leaning Left5Leaning Right3Center2Last UpdatedBias Distribution50% Left
Bias Distribution
- 50% of the sources lean Left
50% Left
L 50%
C 20%
R 30%
Factuality
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