Prime Minister Scott Morrison Flags Tax Relief For Families As Fuel Prices Soar

Prime Minister Scott Morrison has indicated that tax relief for families is on the way with fuel prices rising to record highs.  

Cabinet is discussing the possibility of a change to fuel excise with a change of 1 cent per litre costing the budget $500 million a year.  

Mr Morrison has been pushed to make a change to petrol prices with petrol set to reach a 14-year-high over the next few months.

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New Zealand Prime Minister Jacinda Ardern has already addressed the inflation, cutting fuel excise by NZ 25 cents per litre for three months.

Petrol prices have been skyrocketing across the country with Sydney reaching 216.5 cents per litre and Melbourne reaching 212.5 cents per litre on Monday.

Despite a concerning rise in petrol prices, Mr Morrison believes that tax cuts would be of more help to families in the long run.

“These cost of living impacts are real, and the Australian government understands that,” Mr Morrison said. 

“But there are many pressures on cost of living, and that’s why our tax cuts are so important.”

In reaction to the rising cost of petrol, the government are contemplating an extension on low and middle tax offset.

This extension would last a year, allowing families earning under $126,000 a year to save around $1,080.

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