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

by Msnbctv news staff

© 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 possible act to decrease petrol costs within the upcoming federal price range, weeks out from a basic election.

The federal government has lately come underneath strain to chop gasoline excise as petrol costs hit an eight-year excessive, whereas Prime Minister Scott Morrison lags within the polls within the lead as much as the election, due in Might.

Requested by 9 Leisure if the federal government would announce in Tuesday’s price range a lower to the 44.2 cents a litre gasoline excise, Frydenberg mentioned he understood a key concern for Australians was petrol costs.

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

Frydenberg wouldn’t be drawn on particular person price range measures the federal government would tackle petrol, however mentioned it recognised bowser costs had lifted attributable to rising world oil costs.

As world oil costs soar because of the boarder impression of struggle 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 is flowing by to the bowser right here at dwelling. We recognise that strain,” Frydenberg mentioned.

He mentioned Tuesday’s price range would mark a really vital materials enchancment to the federal government’s backside line, however refused to undertaking whether or not a price range surplus could be recorded within the subsequent decade.

Prime Minister Scott Morrison echoed Frydenberg’s feedback, telling reporters in Western Australia the price range would take care of price of dwelling pressures being felt by Australians.

“Due to what we’re seeing in Ukraine, the impacts on gasoline costs, we all know that that is biting,” he mentioned.

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

“Petrol is an enormous a part of the story as all people is aware of,” he advised ABC tv.

The federal government will hope the price range bolsters its assist after the most recent Newspoll confirmed Labor main the coalition of Liberal and Nationwide events.

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