While acknowledging that there will be increased inflationary pressures on average Australians, Prime Minister Anthony Albanese has remained steadfast in his decision to reinstate the fuel excise tax this month.
The 44.2 percent per litre price drop, which expires on September 29, has been rejected by the Albanesian administration due to budgetary constraints.
It was deemed a “tough choice” by Mr. Albanese.
In reaction to skyrocketing gasoline costs, the last coalition government cut the fuel duty in half by 22 cents in March.
According to Mr. Albanese, if prices increase, “that has an influence, of course, but that has been considered, of course, by the economic analysis, which has been done.”
We have a trillion dollars in debt owed to the Liberal Party, so we must base our decisions on what we can afford.
Before the full gasoline tax is reinstated, Treasurer Jim Chalmers has written to the Australian Competition and Consumer Commission to make sure shops do not penalise consumers.
When the full excise is reinstated, the watchdog is being asked to step up its monitoring of anti-competitive retailer behaviour and to analyse fuel prices on a daily basis.
Additionally, it will write to gasoline firms to inform them of any price hikes and to caution against informing clients of false increases.
Refiners, importers, wholesalers, and retailers should take this as a warning that the ACCC is closely monitoring gasoline prices nationwide to ensure that any rises are legitimate, according to Mr. Chalmers.
“There should be no question that the ACCC will intervene if there is evidence of deceptive or anti-competitive behaviour by gasoline sellers.”
Tuesday’s rate increase by the Reserve Bank is expected to increase household pain by at least 50 basis points.
Mr. Albanese said that he continued to have complete faith in the Reserve Bank’s ability to control inflation.
I believe it is right for the government to let the RBA carry out its duties, he added.
Of course, the RBA is being reviewed; nevertheless, this is nothing out of the ordinary; it has occurred before.