Fuel efficiency standards could have save Aussie motorists $5.9bn

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A new report by The Australia Institute (TAI) think tank claims Australia would have saved $5.9 billion in fuel costs over the past six years had it adopted fuel efficiency standards in 2015.

Labor proposed fuel efficiency standards prior to the 2019 election, but backflipped on the idea after the Coalition labelled the idea a “war on the weekend”.

The report comes as new climate change minister Chris Bowen hinted the policy could be revived when he did not rule out the idea of tougher vehicle performance standards in response to a question at the National Press Club.

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.