Australia PM to decide on fuel excise rebate next week amid Iran ceasefire news

Prime Minister Anthony Albanese announced that a decision on extending Australia's fuel excise rebate will be made early next week, with Australians to be given "appropriate notice." The rebate, which has halved the price of fuel by 26 cents per liter for three months, is due to expire on June 30.

“

agreement to stick

The government is considering the impact of a new ceasefire deal between the United States and Iran, which Albanese described as being in the interest of all countries. However, he noted that the deal's effect on global oil prices and the subsequent decision on the rebate are yet to be assessed. The Strait of Hormuz remains a concern, and the prime minister indicated it would take many months for conditions to normalize even after its reopening.

“

appropriate notice

Opposition Leader Angus Taylor welcomed the US-Iran ceasefire, anticipating it would lower fuel prices. He advised waiting to see if the crude oil price reduction is sustained before committing to an extension. Taylor also expressed hope that the US-Iran deal addresses Iran's nuclear capabilities, emphasizing the need for global security and the prevention of resumed nuclear development.

“

many months

The fuel excise rebate, along with a temporary reduction of the heavy road user charge to zero, has cost the Australian budget $2.5 billion. The government is monitoring the situation closely as it weighs the economic relief provided by the measures against budgetary concerns.

“

good thing