Economists Oppose Fuel Tax Cut: Better Long-Term Support
Sydney News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Economists in Australia oppose cutting fuel excise tax amidst shortages and rising prices. A tax cut could exacerbate the situation by increasing demand when supplies are scarce. The Albanese government has ruled out the proposal, while the opposition remains silent. Higher fuel prices are already prompting drivers to reduce usage, which helps conserve limited stocks without government purchase limits. Critics argue that a tax cut would disproportionately benefit wealthier households, driving up inflation. Previous attempts to cut the excise, such as in 2022, primarily benefited high earners. Economists propose redirecting the tax revenue to direct aid for those most affected, emphasizing the need for long-term support over short-term fixes.
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