Australia to halve fuel tax for 3 months

Australian Prime Minister Anthony Albanese on Monday announced the government will halve its tax on fuel sales in response to record-high prices. Albanese told reporters in Canberra after meeting with the state and territory leaders on Monday morning that the fuel excise will be cut for three months from Wednesday.

Treasurer Jim Chalmers said the two measures would cost the government an estimated 2.55 billion Australian dollars in lost revenue. On top of the cost-of-living relief measures, Albanese said on Monday that the state and territory leaders have agreed to a national plan that outlines how governments will work together on fuel security.