Australia flags move on high fuel prices as election nears By Reuters

© Reuters. FILE PHOTO: Australia’s Treasurer Josh Frydenberg attends the G20 finance ministers and central financial institution governors assembly in Jakarta, Indonesia, February 17, 2022. Hafidz Mubarak A/Pool through REUTERS

(Reuters) -Australian Treasurer Josh Frydenberg on Sunday indicated the federal authorities would seemingly act to decrease petrol prices within the upcoming federal funds, weeks out from a basic election.

The federal government has lately come beneath stress to chop fuel excise as petrol prices hit an eight-year high, whereas Prime Minister Scott Morrison lags within the polls within the lead as much as the election, due in Might.

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Requested by 9 Leisure if the federal government would announce in Tuesday’s funds a lower to the 44.2 cents a litre fuel excise, Frydenberg stated he understood a key concern for Australians was petrol prices.

“What we are going to do on Tuesday night time is present reduction for these households recognising that fuel prices are very high proper now,” he advised the broadcaster.

Frydenberg wouldn’t be drawn on particular person funds measures the federal government would take on petrol, however stated it recognised bowser prices had lifted as a result of rising world oil prices.

As world oil prices soar as a result of boarder affect of battle in Ukraine, petrol lately hit A$2.20 a litre in a number of Australian cities.

“A barrel of oil is up by 50% for the reason that begin of the 12 months. That’s flowing by way of to the bowser right here at house. We recognise that stress,” Frydenberg stated.

He stated Tuesday’s funds would mark a really vital materials enchancment to the federal government’s backside line, however refused to mission whether or not a funds surplus can be recorded within the subsequent decade.

Prime Minister Scott Morrison echoed Frydenberg’s feedback, telling reporters in Western Australia the funds would cope with value of dwelling pressures being felt by Australians.

“Due to what we’re seeing in Ukraine, the impacts on fuel prices, we all know that that is biting,” he stated.

Labor treasury spokesman Jim Chalmers stated the federal opposition wished value of dwelling reduction within the funds that secured a greater future for Australians, together with on petrol.

“Petrol is a giant a part of the story as everyone is aware of,” he advised ABC tv.

The federal government will hope the funds bolsters its help after the newest Newspoll confirmed Labor main the coalition of Liberal and Nationwide events.

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