Nationals Senator Bridget McKenzie and state Member for Ovens Valley Tim McCurdy discussed the plan in Wangaratta on Wednesday, October 7, stating it would automatically halve fuel excise when the two-week average closing price of Brent Crude rose above US$100 a barrel.
The Coalition estimates the measure, when triggered, would reduce the tax on petrol and diesel by around 27 cents a litre; equivalent to around $15 off a typical tank of fuel.
Senator McKenzie said regional communities would benefit significantly from a policy designed to respond automatically when international oil shocks put pressure on Australian motorists and businesses.
“Regional Australians feel fuel price increases particularly hard because driving is not optional,” Senator McKenzie said.
“People need their cars to get to work, take their kids to school, attend medical appointments and do the weekly shop.
“For our truckies and freight operators, fuel is one of the biggest costs of doing business.
“When fuel prices rise, those costs flow through the supply chain and ultimately affect the price of goods on supermarket shelves and in local businesses.
“The Fuel Price Shield would save around $270 off the cost of filling up a 1000 litre prime mover.”
The policy would also temporarily reduce the heavy vehicle road user charge to zero, providing additional relief
Mr McCurdy said the Fuel Price Shield would provide important protection for communities across regional Victoria when international oil prices spiked.
“When global oil prices surge, regional Australians can’t simply drive less. We often have longer distances to travel and fewer alternatives to the car,” he said.
“Regional Victorians deserve a fresh start, with a government focused on making life more affordable, backing local businesses and putting more money back into the pockets of families.”
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