Australian fuel prices have finally returned to levels not seen since the Iran war began with even the cost of diesel finally dropping.<\/p>\n
For the first time since the conflict began, prices in almost all capital cities have dropped to pre-war levels, except for Hobart.<\/p>\n
In Sydney, the price of diesel is now $1.73 per litre, 2 cents lower than before the conflict. <\/p>\n
In Melbourne, diesel is $1.74 per litre, 11 cents per litre lower.<\/p>\n
One petrol station in Croydon Park was selling the cheapest petrol the city had seen in five years on Monday. Petrol was selling for $1.38 and diesel was selling for $1.55. <\/p>\n
\u201cWe welcome the drop in petrol and diesel prices, but there\u2019s still a lot of uncertainty in the Middle East,\u201d Treasurer Jim Chalmers told news.com.au.<\/p>\n
\u201cEven with the drop in fuel prices and inflation, we know Australians are still under pressure. That\u2019s why we\u2019re helping with cost of living relief.<\/p>\n
\u201cWe have extended a cut to the fuel excise, slashed the road user charge for truckies and beefed up the ACCC\u2019s powers to impose stronger penalties if fuel retailers are found to be ripping off motorists.<\/p>\n
Mr Albanese has previously confirmed the fuel excise cut will be extended for another month.<\/p>\n
The excise was first introduced in April and set to expire at the end of June, with speculation it could be extended further.<\/p>\n
The Prime Minister has confirmed the fuel excise cut will extend into July amid a shaky peace deal between the US and Iran to reopen the Strait of Hormuz.<\/p>\n
Petrol and diesel prices will be 16 cents per litre cheaper compared to normal prices in July, expected to save drivers $11 per tank.<\/p>\n
The cut will begin July 1 and run until August 2.<\/p>\n
Extending the fuel excise reduction and cutting the Heavy Vehicle Road User Charge will cost about $400m.<\/p>\n
In March, Mr Albanese announced a three-month cut to the fuel excise of 32 cents per litre alongside reducing the Heavy Vehicle Road User Charge to zero, and deferring the next scheduled increase by six months.<\/p>\n
Gross debt is improving<\/p>\n
Meanwhile, the latest data from the Australian Office of Financial Management reveals gross debt in 2025-26 is almost $200 billion lower than the estimate when the Albanese Government came to office.<\/p>\n
That suggests the budget is now on track to be better than forecast in the May Budget.<\/p>\n
\u201cWe\u2019re delivering more cost of living relief and more help for first home buyers at the same time as we\u2019re delivering a better budget bottom line,\u2019\u2019 Mr Chalmers told news.com.au.<\/p>\n
\u201cLower debt and smaller deficits are the fruits of our responsible economic management.<\/p>\n
\u201cBy getting the budget in better nick, we\u2019ve been able to find room to cut taxes, help with the cost of living, strengthen Medicare, and invest in the future.<\/p>\n
\u201cWe\u2019ve made a lot of progress together, the budget is in much better shape now than what we inherited, but there\u2019s always more work to do.\u201d<\/p>\n
A further $63.8 billion in savings and reprioritisations in the May Budget has taken the total since the Albanese government was elected to almost $180 billion,<\/p>\n
Gross debt as at 30 June 2026 was $971.4 billion. This result is $197.6 billion lower than the 2022 PEFO forecast of $1,169 billion.<\/p>\n
It\u2019s also $10.6 billion lower than the 2026-27 Budget forecast of $982 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"Australian fuel prices have finally returned to levels not seen since the Iran war began with even the…\n","protected":false},"author":2,"featured_media":768285,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[64,63,99],"class_list":["post-768284","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-au","tag-australia","tag-business"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/768284","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=768284"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/768284\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/768285"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=768284"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=768284"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=768284"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}