New Zealand Prime Minister Jacinda Ardern has already addressed the inflation, cutting fuel excise by NZ 25 cents per litre for three months.
Petrol prices have been skyrocketing across the country with Sydney reaching 216.5 cents per litre and Melbourne reaching 212.5 cents per litre on Monday.
Despite a concerning rise in petrol prices, Mr Morrison believes that tax cuts would be of more help to families in the long run.
“These cost of living impacts are real, and the Australian government understands that,” Mr Morrison said.
“But there are many pressures on cost of living, and that’s why our tax cuts are so important.”
In reaction to the rising cost of petrol, the government are contemplating an extension on low and middle tax offset.
This extension would last a year, allowing families earning under $126,000 a year to save around $1,080.
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