BAYSIDE motorists are feeling the squeeze as fuel prices surge towards $3 a litre with families and businesses bracing for higher costs – even as the Federal Government moves to halve the fuel tax for three months.
A broader snapshot across the region on Tuesday shows unleaded fuel ranging from a low of 259.5 cents per litre at Freedom Fuels, Victoria Point to highs of 259.9 cents at multiple sites in Redland Bay and Victoria Point.
E10 was ranging from 257.5 cents at Freedom Fuels to258.9 at BP Mt Cotton.
Diesel prices remain elevated but show a slightly wider gap with the cheapest recorded at 321.5 cents per litre at Freedom Fuels and the highest at 323.9 cents across several Redland Bay and Victoria Point stations.
Federal Member for Bowman Henry Pike said the Coalition welcomed the Government’s decision to temporarily halve the fuel tax but warned the delay had come at a cost to Australians.
“I welcome the decision to halve the fuel tax for three months announced by the Government today (Monday),” Mr Pike said.
“Unfortunately, every day the Government took to feel compelled to make this decision, a decision the Coalition has been calling for since Friday, Australians collectively were out of pocket by around $16 million dollars.
“The Government has however forgotten a key aspect of our policy.”
Mr Pike said the Coalition’s plan outlined how the measure could be delivered without increasing spending.
“Our policy specified that halving the fuel tax could be made cost neutral by ending the Electric Car Discount, reversing the Government’s green hydrogen subsidies and tax credits and pausing and strengthening integrity controls around the Home Battery Scheme,” he said.
Mr Pike said the Government had instead chosen to increase spending to fund the cut.
“The Government has left this key aspect out, deciding to increase spending to afford this fuel tax cut,” he said.
“Without the proposed aspects of the Coalitions plan to make this policy cost neutral, this plan will now just be an increase in Government spending and add further inflationary pressure to the economy.”
However, Federal Labor MP Kara Cook (Bonner) said the surge in fuel prices was being driven by global instability rather than local policy settings.
“Australians are following events in the Middle East and seeing and feeling the consequences here at home,” she said.
“The longer this conflict continues, the more significant the impact will be on the global economy and on household budgets, including here in the Bayside.”
Ms Cook said the Federal Government had already moved to ease pressure on motorists and protect supply.
“The Government has already taken decisive action to support motorists and businesses,” she said, pointing to tougher penalties for price gouging, increased powers for the ACCC, and the release of a portion of Australia’s fuel reserves. She also urged residents not to panic buy fuel despite rising prices.
“Australians should be assured that fuel supply remains secure, and there is no need to stockpile or change normal purchasing behaviour,” she said.
“I know families and small businesses across the Bayside are doing it tough. Rising fuel costs are adding real pressure on top of broader cost of living challenges.”
