Wednesday, 30 March 2022
Customs Tariff Amendment (Cost of Living Support) Bill 2022; Second Reading
That this bill be now read a second time.
This bill supports the Excise Tariff Amendment (Cost of Living Support) Bill 2022 by amending the Customs Tariff Act 1995 to halve the excise-equivalent customs duty applying to imported fuels. This means the excise-equivalent customs duty rates for petrol and diesel will fall, as I said, from 44.2c per litre to 22.1c per litre.
The temporary 50 per cent reduction in excise-equivalent customs duty will apply to all fuel products, other than aviation fuels, for six months from 30 March 2022 to 28 September 2022. Existing indexation arrangements will still apply to the reduced rates in August 2022. At the conclusion of the six months, the excise-equivalent customs duty rates will revert to the previous rates, including indexation that would have occurred on the full rates during the six-month period. Full details of the measures are contained in the explanatory memorandum.
Leave granted for second reading debate to resume at a later hour this day.