PM Albanese Announces Dual Relief Package: 32c Fuel Cut and Interest-Free Loans

Prime Minister Anthony Albanese announces a combined 32 cents per litre fuel tax cut and interest-free loans for businesses hit by the Middle East conflict.

By: AXL Media

Published: Apr 3, 2026, 4:37 AM EDT

Source: news.com.au

Expanded Fuel Relief: 32 Cents Per Litre Savings

In an address to the National Press Club on Thursday, April 2, 2026, Prime Minister Anthony Albanese unveiled a collaborative deal between the federal and state governments to provide immediate relief at the bowser. While the federal government had already cut the fuel excise in half (approximately 26 cents per litre) earlier in the week, a new agreement on GST windfalls has added a further 5.7 cents per litre reduction.

This combined 32-cent-per-litre cut is funded by an additional $400 million in relief, delivered through a total 10.9% reduction in the fuel excise for the next three months. Treasurer Jim Chalmers has already signed the changes into law, with the Prime Minister stating that the government wants the "added relief to start showing up at petrol stations straight away." The ACCC has issued a stern warning to retailers to pass these savings on fully and immediately, particularly in remote areas where "fuel surcharges" have come under scrutiny.

Support for War-Hit Industries: The Economic Resilience Program

Beyond relief for individual motorists, the government is launching interest-free loans under a new $1 billion Economic Resilience Program. This initiative, a sub-fund of the $15 investment National Reconstruction Fund (NRF), is specifically designed to support businesses "squeezed" by the costs of the conflict in the Middle East.

Key sectors eligible for the interest-free credit include: