Australian Govt announces measures to halve fuel excise tax till June

Australia will halve its fuel excise tax till the end of June to help ease costs for households amid a surge in fuel prices prompted by the West Asia conflict. Australian Prime Minister Anthony Albanese made the announcement today as the international benchmark for crude oil rose above dollar 116 a barrel – its highest level in nearly two weeks – as the conflict in the region escalated on multiple fronts. Mr Albanese said the government would also suspend its charge on heavy vehicles for three months. Two Australian states – Victoria and Tasmania – are temporarily making public transport free to discourage people from driving due to high fuel costs. While Australia is a major exporter of coal and natural gas, the country sources about 80 per cent of its refined fuel needs from overseas.