Fuel Prices Are Only Going To Get Worse, So BRB Buying A Bike
Fuel costs were cut by 22c/L in the last Budget.
Australians are currently paying up to 242.9c per litre for fuel, but if you thought that was bad, brace yourself: experts are predicting it’s only going to get worse.
Much like the cost of most essentials right now, fuel prices are skyrocketing across the country. While Victorians seem to copping the worst of it, with an average metro price of 233.3c per litre, the situation isn’t much better in other states.
Prices are predicted to rise even further in September, with Prime Minister Anthony Albanese confirming this week that the excise will be reintroduced.
This is hardly surprising considering the excise cut was only ever designed to be a temporary relief measure — introduced by former Treasurer Josh Frydenberg in the last federal budget.
However, many of us sort of hoped that fuel prices would’ve calmed down slightly over the last six months. We were, of course, sorely mistaken.
In a press conference on Wednesday, Albanese stressed that both sides of politics were on the same page about reinstating the fuel excise in full.
“The former government put in place a time-limited change to the petrol payments,” said Albanese.
“Before the election, both sides said they had no plans to increase that further into the future.”
“And that’s the circumstances we have to deal with. We can’t do everything we would like to do.”
Albanese’s comments come after Treasurer Jim Chalmers told ABC Radio it would cost $3 billion to extend the excise cut for another six months.
“That six-month petrol price relief ends in September,” he told the ABC.
“To extend it for another six months would cost another $3 billion. To extend it indefinitely would cost the budget a lot of money, and we have to weigh all these things up responsibly.”
“We can’t do everything we would like to do when you’ve got a budget which is heaving with a trillion dollars in debt.”
“You’ve got to work out where could investment of taxpayer dollars give taxpayers the best bang for their buck.”
Labor is set to release its own budget in October, which will likely offer some sort of cost of living relief, but unfortunately, no fuel excise cut.