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Thursday, 19 June 2014
Page: 6658

Mr BILLSON (DunkleyMinister for Small Business) (09:21): I move:

That this bill be now read a second time.

This bill is part of a package of bills that will give effect to the government's commitment to reintroduce biannual indexation of fuel excise and excise-equivalent fuel duties.

Specifically, this bill amends the Customs Tariff Act 1995so that the rate of fuel excise-equivalent customs duty applying to all fuels, with the exception of aviation fuel, crude oil and condensate, will be biannually indexed by reference to the consumer price index.

Consequential amendments will also be made to the Customs Tariff Act 1995 in order to simplify the burden on businesses by rounding the applicable duty rate of indexed fuels from three decimal places in the cent to one decimal place. On the current rate for petrol, this would have the effect of reducing the excise and excise-equivalent customs duty rate from 38.143c per litre to 38.1c per litre. However, indexation will apply in each indexation period to the three decimal places.

Full details of this bill are contained in the explanatory memorandum.

Debate adjourned.