Australia halves fuel excise to counter global energy turmoil

Contributing sentiments towards policy:

49% : He urged citizens who can afford to use public transport to do so, in order to support fuel availability in the most vulnerable sectors and regions.The reduction, which will take effect next Wednesday and last for three months, will cut the excise from 52.6 cents to half.The Australian Treasury estimates that this measure will reduce the cost of filling a 65-liter tank by approximately $19.This step is part of a broader package of measures included in Canberra's new National Fuel Security Plan, which also includes a three-month reduction in heavy vehicle tolls.Albanese noted that Australia has entered the second of four phases of the plan, which focuses on planning and preparedness by monitoring global developments and ensuring the continued flow of fuel within the country.Australian Treasurer Jim Chalmers revealed that reducing the fuel tax would cost the federal budget about $2.55 billion, in addition to $53 million as a result of reducing road tolls for heavy vehicles.

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