← March 30, 2026 briefingEconomy
Australia slashes fuel excise 50% amid oil crisis
Anthony Albanese has cut Australia's fuel excise in half following an emergency national cabinet meeting, saving motorists 26 cents per litre for three months. The heavy vehicle road user charge has also been reduced to zero, as surging global crude prices — driven by the Iran war — strain household and freight budgets alike. The move came just five days after Treasurer Jim Chalmers publicly ruled out any excise cut.
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