When fuel prices rise, who picks up the pieces?
Most Australians will notice higher fuel prices at the petrol station. Frontline community services will notice them in the growing number of people seeking help.
We know the amount raised from the beer excise is greater than the PRRT, but the bank levy is also bigger than the PRRT. It's little wonder the head of the Commonwealth Bank has twigged that gas companies are taking the piss.
Tue 12 May 2026 21.24 AEST
Photo: AAP Image/Michael Currie
We know the amount raised from the beer excise is greater than the PRRT, but the bank levy is also bigger than the PRRT.
The large bank levy is a somewhat obscure tax that is only paid by the big four banks (that is, ANZ, Westpac, Commonwealth Bank and NAB) and also Macquarie Bank. It was put in place because the big banks in Australia have a massive market advantage and are safe from financial collapse because they are considered ‘too big to fail.’
It’s little wonder the head of the Commonwealth Bank has twigged that gas companies are taking the piss.
While the major bank levy will steadily increase from next year until 2029-30, the PRRT peaks next year and then falls every year until 2029-30.
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Most Australians will notice higher fuel prices at the petrol station. Frontline community services will notice them in the growing number of people seeking help.
Banning gambling ads is a great example of something we don't see often enough: stopping harm before it happens, rather than spending to patch up the damage afterwards. As a result, we spend an enormous amount of time and public money focusing on fixing problems after the fact, but far less time asking: why do we permit, or even subsidise, the activities causing these problems in the first place?
