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FUEL, OIL & MINING
Reintroduction of fuel excise indexation
 

The Government will re-introduce biannual indexation of excise and excise-equivalent customs duty for all fuels except aviation fuels. 

Biannual indexation will commence from 1 August 2014.  This will secure funding for additional productivity-enhancing road infrastructure projects according to the Government. 

Biannual indexation to the consumer price index (CPI) of excise and excise-equivalent customs duty for all fuels except aviation fuels will be reintroduced to secure funding for additional road infrastructure projects. The indexation of the fuel excise will directly affect businesses and individuals at the fuel bowser. 

This will generate $2.2b over the forward estimates period for building new and upgrading existing road infrastructure. This includes allowance for a $1.8m increase in Ethanol Production Grants in 2014/15, administered by the Department of Industry, and a $0.7m increase in the Cleaner Fuel Grants Scheme.

The government will amend the Excise Act 1901 to ensure that the amount spent on road infrastructure funding is greater than the net revenue from the reintroduction of indexation on fuel excise and excise-equivalent customs duty. 


Date of effect

Biannual indexation will commence from 1 August 2014.     
 


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Norwest Business Park
Baulkham Hills, NSW 2153 Australia
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P: (02) 9899 3044
F: (02) 9899 1524
E: admin@goodwinchivas.com.au

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