Thousands of motorists in Victoria are set to receive a one-off 20 per cent rebate on their car registration fees, as part of a budget measure aimed at easing cost-of-living pressures amid soaring fuel prices. The rebate, to be unveiled in the upcoming state budget, comes as global oil markets remain volatile due to the conflict in the Middle East, pushing up prices at the bowser.
Rebate Details
Drivers will get up to $186 back on their car registration, or $372 for two vehicles, under the one-off initiative. Victorians currently pay $930.70 annually for registration, with the rebate applying to light vehicles under 4.5 tonnes, including cars and utes. Drivers can claim rebates on up to two vehicles registered in their name, regardless of the total number of cars in the household.
Cost and Impact
The cost-of-living incentive will cost the state government approximately $750 million in foregone revenue. This follows earlier measures to provide free and half-price public transport. Premier Jacinta Allan stated, 'I'm determined to use government to help Victorians who are under pressure. This won't fix everything, but it's immediate action I can take to make a difference. We can afford it because it's one-off cost-of-living help right now, while we are delivering a surplus.'
Fuel Reserves Boosted
Meanwhile, Australia's fuel reserves will be refreshed on Sunday after the federal government secured an additional 100 million litres of diesel. Two extra cargoes of diesel are on the way following a deal between Export Finance Australia and fuel companies Ampol and BP, with half earmarked for regional centres in Queensland, including Townsville, Gladstone, and Mackay.
Australia has shored up its fuel reserves amid the conflict in the Middle East, now holding 46 days of petrol in its stocks—10 days more than at the onset of strikes by the US and Israel on Iran. Prime Minister Anthony Albanese held a meeting of the national cabinet on Thursday, his third since the war began, which effectively closed the Strait of Hormuz and sent global oil prices skyrocketing.
