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flag Australia won’t cut fuel tax despite global oil risks, focusing instead on tax cuts, cheaper medicines, and EV incentives.

flag Australian Treasurer Jim Chalmers has ruled out cutting fuel excise despite rising global oil market instability, particularly near the Strait of Hormuz, which could drive up petrol prices. flag He said the government is focusing on other cost-of-living measures like tax cuts, cheaper medicines, expanded bulk billing, and student debt relief. flag Chalmers directed the ACCC to monitor petrol prices to prevent unfair hikes and confirmed a review of electric vehicle tax breaks is underway, with support for EV adoption. flag The government is tracking global energy, travel, and insurance risks through the National Security Committee to protect economic stability.

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