Prime Minister Scott Morrison has flagged tax relief for families to deal with the rising cost of living while cabinet canvasses whether to make a controversial change to fuel excise, with analysis showing a cut of just 1¢ a litre would cost the heavily indebted budget $500 million a year.
Mr Morrison is under pressure over high-priced petrol with inflation on track to reach a 14-year high within months. His New Zealand counterpart, Jacinda Ardern, reacted to cost of living pressures yesterday by slashing fuel excise by NZ25¢ a litre for the next three months.
Prices for petrol and diesel have soared over the past two months. Fuel price monitoring website MotorMouth recorded average unleaded prices at an all-time high on Monday of 216.5¢ a litre in Sydney and 212.5¢ in Melbourne.
Mr Morrison, campaigning in the marginal NSW seat of Dobell, said while he appreciated the pressure caused by high petrol prices, the government believed tax cuts may deliver longer-term relief to families.
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