Reducing excise duties to counter rising gas prices is a dumb idea

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Morgan Stanley economist Chris Read estimates rising petrol prices will increase fuel costs for Australians by $12 billion in 2022, or about $1,100 per household.

This led independent senator, Rex Patrick, to call on the Morrison government to reduce excise duty on fuel to lessen the blow to households.

However, Treasurer Josh Frydenberg played down those calls, arguing that excise revenue is spent on transport infrastructure, including road improvements in urban and regional areas.

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