The Albanese Government this week announced that the Fuel Excise Tax Credit (FTC) will be increased and restored on the scheduled date of 29 September 2022.
This is welcome news for heavy vehicle operators, who were impacted when the FTC was paused in line with the Morrison Government’s 2022 Budget decision to halve the fuel excise levy for all motorists from 44 cents to 22 cents to help with the cost of living.
Minister for Infrastructure, Transport, Regional Development and Local Government, the Hon Catherine King MP announced an increase of the restored FTC to 18.8 cents per litre (cpl).
However, it was not all good news, with the Road User Charge (RUC) also increasing by 0.8 cents.
HVIA CEO Todd Hacking welcomed the move. “Effectively, the industry is back to pre-March 2022 and can now proceed with certainty”, he said.
“We thank Minister King for listening to the industry and restoring the FTC, which will be welcomed by transport operators across the country.
“We also note the ACCC’s proactivity to ensure there is no gouging at the bowser”, Mr Hacking said.
The ACCC announced that the new rate for the fuel excise will be 46cpl and outlined that they anticipate fuel increases of 25.3cpl once current fuel stocks are replenished.
The ACCC update can be found here: https://www.accc.gov.au/consumers/petrol-diesel-lpg/monitoring-fuel-prices-following-the-excise-cut
HVIA members can track weekly movements in fuel here: https://www.accc.gov.au/consumers/petrol-diesel-lpg/petrol-price-cycles-in-major-cities
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