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FEDERAL BUDGET MUST DELIVER SUBSTANTIAL PETROL PRICE RELIEF

23 March 2022

Independent Senator Rex Patrick today welcomed media reports that the Federal Government has been considering measures to deal directly with extreme petrol prices. 

“I’m encouraged by media reports that the Federal Government has been listening to my campaign for a major cut to the fuel excise to help relieve some of the pressure from extreme petrol prices,” Senator Patrick said.

“The question now is whether the Government will do what is required to achieve significant relief for families and small businesses, or will this be just another Scott Morrison public relations exercise?”

“The Prime Minister should make an immediate commitment to help struggling families across the board by at least halving the fuel excise; immediately cutting it by 23 cents a litre and keeping that reduction in place without any price indexation through 2022-23. That is the minimum action that is required.”

“If petrol prices go higher than $2.20 it may well be necessary to suspend the fuel excise in its entirety for the next twelve months. While this would involve significant cost for the Federal Budget, it would be entirely justified by taking the edge off petrol price fuelled inflation.”  

“If the Federal Government does not act quickly and decisively, Australian families will face a triple whammy from extreme petrol prices, higher food and grocery prices and rising interest rates. Halving or indeed completely suspending the fuel excise for twelve months will provide immediate respite and reduce the likelihood of a more savage economic crunch.”

“The current combination of extreme petrol prices and post-COVID-19 economic challenges is a special circumstance that demands immediate action from the Federal Government.”

"I’ll keep pressing the Government hard to help hard-pressed Australian families and small businesses by reducing the price shock at the petrol bowser.”