Australians are paying more than $2 a litre for petrol again, after the government’s temporary fuel tax relief ended.
As a result, households across Australia will be hit with an increase in their expenses, as the Coalition prepares to make cost-of-living one of its key attacks when Parliament returns next week.
The government has released its latest fuel security update, showing Australia’s stockpiles remain above levels recorded during the height of the fuel crisis, despite slight falls in petrol and diesel reserves.
Energy Minister Chris Bowen acknowledged motorists were paying higher prices at the bowser.
“Petrol is more expensive than we’d like it to be,” he said.
The full fuel excise has now returned after the temporary tax cut expired, sending fuel prices climbing across the country.
Bowen argued prices remain well below the levels seen when the government first stepped in to half the excise.
“But prices are about 50 cents less now than at the time the government took the decision to halve the fuel excise,” he said.
Figures show Australia has 42 days of petrol supply, down one day from the previous update.
Diesel reserves have fallen by three days to 36 days, while jet fuel remains steady at 34 days.
Despite those declines, reserves across all three fuel types remain higher than they were at the height of the Middle East supply concerns.
The Coalition says the figures underline the need for a stronger long-term strategy.
“The government talks a big game on fuel security. But what we want to see is a long-term plan,” Deputy Liberal Leader Jane Hume said.
Shadow Resources Minister Susan McDonald argued increasing domestic production was the answer to easing fuel costs.
“Oil production, the gas production, resource production from Australia is the thing that will bring down prices in this country,” she said.
Fuel costs are expected to dominate when Parliament returns on Tuesday, alongside housing and broader cost-of-living measures.
Hume said the Opposition would continue to attack Labor’s economic agenda.
“Well it’s been six weeks since we’ve been back in Parliament and, let’s face it, Labor’s toxic taxes are continuing to wreak havoc,” she said.
The Coalition pointed to falling auction clearance rates, declining house prices and rising rents as evidence its criticism was justified.
It also argued demand from first-home buyers has fallen despite conditions becoming easier for many people trying to enter the property market.
“This is Labor’s trifecta of housing failures,” Hume said.
Bowen rejected that criticism, defending the government’s housing reforms.
“Real change was necessary because first home buyers were not getting a fair shot,” he said.
“And the government needed to fix it.”
But things could be on the turn in the housing market with one real estate agency flagging the strongest national clearance rate since mid-May at Saturday’s auctions.
Ray White bosses said the number of homes selling has pushed back above 53 per cent mark.
“The market doesn’t need to be booming to be getting better, and this week feels like a meaningful step in the right direction,” Ray White CEO, Performance and Value, Thomas McGlynn said.
Extracted in full from: https://www.nine.com.au/australia-news/petrol-prices-tops-2-a-litre-as-fuel-excise-returns-in-full-20260808-p60mmk.html
