Team Australia to pay billions for new oil-vulnerable infrastructure.
One would think that an increase of oil related taxes would be used to reduce oil dependency and fund public transport infrastructure, especially as the Iraq war has entered yet another critical phase. Not in Australia.
The government in Canberra has taken advantage of lower oil (and therefore petrol) prices to increase the customs tariff from 38.143 cents to 38.6 cents a litre in November 2014. This 1.2% is modest, but further bi-annual increases (in February and August) will add up over time.
Fig 1: Australian petrol prices for the last 12 months
http://www.aip.com.au/pricing/pdf/Weekly%20Petrol%20Prices%20Report%20-%2026%20October%202014.pdf
The Government says “every cent” will be spent on new roads
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