Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

Let me reject right up front the final assertion that the senator has made. Let me also clarify for the Senate that what I have announced today are revised implementation arrangements for a measure announced in the budget on 13 May—and, of course, that budget measure was to ensure that the real value of the excise on fuel does not continue to fall. Something that might have escaped the Labor Party and the Greens is that the real value of the excise on fuel has continued to fall since indexation of fuel excise was abolished in 2001. Back in 2001 the fuel excise was 42 per cent of the average fuel price; today it is 25 per cent. And, of course, as we speak here today, the Greens, in particular, are advocating a position that the real value of the excise on fuel should continue to fall. Our position on this side of the chamber is that it is an important structural reform of the budget to ensure that the real value of the excise on fuel does not continue to fall, and that it keeps pace with inflation.