fuel excise cut

Australia's temporary cut to fuel excise, initially implemented following the Iran conflict, concluded at midnight on Monday. Treasurer Jim Chalmers stated the relief measure was never intended to be permanent, though he acknowledged a recent price increase, asserting that prices remain significantly lower than before the cut. Despite previous downplaying of an extension, Prime Minister Anthony Albanese has recently indicated a possibility of extending the three-month excise relief. This potential extension is being considered to support motorists amidst ongoing global crises, particularly in the Middle East, which has impacted fuel prices. The government is also urging regulators to closely monitor service stations to ensure fair pricing as the excise cut ends, highlighting the current relevance of fuel costs to the Australian public and economy.