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Finance Minister Katy Gallagher has called the Coalition’s planned automatic cut to the fuel excise an “unfunded, uncosted” bad idea, as she reiterated the government was not planning further cuts to the petrol tax.
“If you also look back and see all the other range of promises [the Coalition] have made since the election, there are hundreds of billions of dollars in unfunded promises, and this adds to that list. This is not something that we have been considering,” Gallagher told ABC Radio National this morning.
Gallagher said the government changed the fuel excise immediately following the war in Iran but has shifted to providing more permanent cost of living supports to avoid “one-off arrangements”.
The Coalition’s proposal would halve the fuel excise when Brent crude oil traded at over $US100 ($140) per barrel averaged over a fortnight. The cut would last for three months and then be readdressed when the period ended. Opposition Leader Angus Taylor framed the policy as “a relief at the bowser”.
Gallagher said the government was not considering further cuts to the excise. Income tax cuts, Medicare funding, and additional medicines on the Pharmaceutical Benefits Scheme represented longer lasting cost of living support.
“Our decisions have been built and baked into the budget to make sure that that cost of living help is permanent. You know, the sooner this war in the Middle East stops, the better,” Gallagher said.
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