Gina Rinehart calls on govt to slash fuel tax over holiday season

Mining magnate Gina Rinehart has called on the federal government to provide temporary fuel relief over the upcoming holiday season as a “Christmas bonus” for struggling Australian households.

Speaking to the Daily Telegraph, the Aussie billionaire stressed how millions of people across the country were suffering under an inflation-riddled economic climate and were in desperate need of a helping hand to cope with mounting living costs.

Ms Rinehart urged the government to slash taxes on fuel - similar to the six-month reduction in the national excise last year – claiming motorists in both regional and metropolitan areas had long been “overtaxed and overcharged”.

“Every few dollars count for people in tough times,” she said in the interview.

“With high inflation and rising interest rates, all I keep hearing is that people in the bush and the cities need costs cut now more than ever.

“I have long spoken out about Australians being overtaxed and overcharged by government, which has its roots in excessive government spending.”

Ms Rinehart said the assistance did not need to cover the length of 2022’s fuel excise cuts, but could be given in the form of “minor” short-term relief for at least a month.

“It could happen from the first of December and then, if you must, put it back to usual after Christmas, the longer after Christmas, the better,” she said.

“It’s an easy way to help families and the elderly for Christmas and the school holidays … no one is asking for a hand-out, we just need the government to take less money from Australians.”

From March 30 to September 28 last year, the Government had announced excise and duty rates for petrol, diesel and all other fuel and petroleum-based products, except aviation fuels, would be halved from 44.2 cents to 22.1 cents per litre.

The move came as a “targeted and responsible” commitment from the Morrison government to aid with cost-of-living pressures felt by Australian households and businesses, especially with fuel and energy unaffordability being compounded by global factors like the Russia-Ukraine conflict.

In October this year, when the Reserve Bank declared inflation in Australia was at a record-high despite passing its peak, Prime Minister Anthony Albanese ruled out reinstating the relief measure despite acknowledging the extent of financial pain Australians were suffering.

“We don’t make tax policy on the run. We have proper budgets and proper procedures for determining our economic policy,” Mr Albanese said.

With the war between Israel and Hamas breaking out just a few days after, further fears of soaring petrol prices emerged.

Federal Treasurer Jim Chalmers said with the uncertainties in oil production posed by continuing warfare between the IDF and Hamas, supply levels would be further hindered worldwide and drive fuel prices up - although admitting the issue predated the war.

“We are already seeing global oil prices come up in recent months, and the conflict in the Middle East risks making that worse,” he said in October, while speaking on the latest unemployment figures.

“It’s certainly the point that (Reserve Bank) Governor (Michele) Bullock was making yesterday and obviously when you’ve got conflict in that part of the world, the risk is upward pressure on global oil prices and Australians would feel that at the bowser.

“I think it’s important to recognise, from about the middle of the year, we have seen global oil producers ramp down their supply and that has pushed up oil prices and that’s why we’ve seen the petrol price spike here in Australia.”