Opposition proposes halving fuel excise to lower prices

The Opposition in Australia plans to reduce fuel taxes if elected, proposing to cut the excise from 50.8 cents to 25.4 cents per litre. This measure could cost $6 billion but is expected to save drivers about $14 weekly. Despite rising living costs, Australian petrol prices are lower than those in many countries. The average price in Australia is $1.65 per litre, compared to $2.79 in the UK and over $3 in parts of Europe. In contrast, petrol is cheaper in the US and some Asian countries. Experts say Australians face average fuel taxes compared to global standards. While taxes are lower than in many OECD member countries, Australia's car dependency increases the impact of fuel costs on households. Most Australians own cars, making them more reliant on petrol. Cutting the excise may offer little relief for all households. Some experts argue the savings could be overstated, as not every household drives or spends heavily on fuel. Public transport availability also affects how much this tax cut would help.