Morgan Stanley economist Chris Read estimates that the rising price of petrol will increase Australians’ fuel costs by $12 billion in 2022, or about $1,100 per households.
This has led independent senator, Rex Patrick, to call on the Morrison Government to cut fuel excise in order to soften the blow on households.
However, Treasurer Josh Frydenberg has downplayed these calls, arguing that revenue from excise is spent on transport infrastructure, including improvements to roads in urban and regional areas.
