Australia's Treasurer Defends Fuel Excise Cut Amid Rising House Prices
Australian Treasurer Jim Chalmers has defended the country's fuel excise cut, saying it was never intended to be permanent, despite rising house prices and a recent increase in fuel prices. Chalmers attributes the house price decline to a natural correction after periods of 'extraordinary growth'. He maintains that housing is a long-term investment and expects prices to rise more modestly in the coming years.
Key points
- Australian Treasurer Jim Chalmers has defended the fuel excise cut, stating it was never intended to be permanent.
- Chalmers attributes the recent decline in house prices to a natural correction after periods of 'extraordinary growth'.
- House prices have fallen in Australia, with Chalmers pointing to similar declines in 2022 and between 2017 and 2019.
- Fuel prices have increased slightly, but remain 'substantially lower' than when the excise relief was first introduced.
- Chalmers expects housing prices to rise more modestly in the coming years, despite the recent decline.
Australian Treasurer Jim Chalmers has defended the country's fuel excise cut, saying it was never intended to be permanent. The cut was introduced to alleviate cost of living pressures, particularly in the wake of the war in the Middle East.
Chalmers attributes the recent decline in house prices to a natural correction after periods of 'extraordinary growth'. He points to similar declines in 2022 and between 2017 and 2019. Despite the decline, Chalmers maintains that housing is a long-term investment and expects prices to rise more modestly in the coming years.
Fuel prices have increased slightly, but remain 'substantially lower' than when the excise relief was first introduced. Chalmers' comments come as the Australian government grapples with the impact of rising living costs on households.
Sources
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