The ALP government can reduce cost of living pressures, in the short term, by zero rating the fuel excise levy for two years. To pay for this they must abandon Stage three tax cuts for single incomes in excess of $150 000 taxable income. By using the powers of the ACCC and backed up by state government price powers, the retail price of petrol can be lowered substantially. This will feed into other prices of consumer goods. The RBA is dodging its constitutional duty to reduce unemployment. It should be held accountable. Fiscal policy must lead monetary policy NOT the other way around.
The ALP government can reduce cost of living pressures, in the short term, by zero rating the fuel excise levy for two years. To pay for this they must abandon Stage three tax cuts for single incomes in excess of $150 000 taxable income. By using the powers of the ACCC and backed up by state government price powers, the retail price of petrol can be lowered substantially. This will feed into other prices of consumer goods. The RBA is dodging its constitutional duty to reduce unemployment. It should be held accountable. Fiscal policy must lead monetary policy NOT the other way around.