Portfolio — 31 March 2026

The Treasurer, Dr Chalmers, dominated 31 March with a three-instrument cost-of-living intervention that ran from morning media releases through second reading of legislation and into question time — a rare single-day alignment of comms, legislative and parliamentary messaging on the same policy thread.

The headline measure is the Treasury Laws Amendment (Fuel Excise Relief) Bill 2026, introduced and debated in the House the same day it was announced publicly [TA-260331-treasu-b07e6d7ac418]. The bill halves the fuel excise — cutting 26.3 cents per litre off petrol and diesel — and reduces the heavy vehicle road user charge to zero, effective 1 April through 30 June 2026 [TA-260331-house-66782c600be9:s005].

The government estimated the relief may reduce headline inflation by half a percentage point through the June quarter. The Treasurer framed the measure as a direct response to Middle East conflict-driven oil prices, which have roughly doubled since the start of 2026, and characterised it in question time as "timely, targeted, temporary and responsible" [TA-260331-house-66782c600be9:s139].

The $2.55 billion cost was defended by reference to the government's improved budget position over the prior three years rather than identified offsets — a line the Treasurer used in both media releases and the chamber. The bill also grants the transport minister powers to vary the heavy vehicle road user charge for up to two years and provides flexibility to adjust the excise rate in line with states and territories returning extra GST revenue flowing from elevated prices, an undertaking reached at National Cabinet [TA-260331-house-66782c600be9:s005].

The ACCC will monitor excise pass-through to consumers, and Export Finance Australia is securing fuel shipments under a broader four-stage fuel security plan coordinated with states and territories.

The second instrument is the Reserve Bank's regulatory reform package, announced the same morning, which will end credit and debit card surcharges on eftpos, Mastercard and Visa networks from 1 October [TA-260331-treasu-951456802e69]. The package amends interchange fee caps on domestic and foreign-issued cards and requires card schemes and acquirers to publish transparent data on fees and margins.

The Treasurer quantified the consumer benefit at $1.6 billion in annual surcharges eliminated and $910 million per year in savings for small businesses.

The third instrument is the Fair Work Commission's decision to eliminate junior pay rates for workers over 18 in retail, fast food and pharmacy sectors, with phase-in periods for business adjustment, which the Treasurer framed as delivering fair wages for young workers [TA-260331-treasu-b07e6d7ac418]. In question time, the Treasurer wove all three developments into a single cost-of-living narrative alongside existing measures — tax cuts, expanded bulk-billing, cheaper medicines and student debt relief [TA-260331-house-66782c600be9:s139].

Beyond the day's headline package, question time surfaced two further portfolio dimensions. On productivity, the Treasurer outlined that Jobs and Skills Australia has released a significant study integrating education, migration and employment systems, that funding has streamlined skills assessment for over 13,000 construction applicants, and that states and territories have committed to prioritising skills recognition in acute-demand areas [TA-260331-house-66782c600be9:s140].

On resource taxation, the Treasurer reported that PRRT reforms have increased the number of entities paying the tax from 11 to 16, that oil and gas companies paid almost $12 billion in PRRT and company tax, and that a 90 per cent deductions cap will apply to Shell's Gorgon and Prelude projects this year or next [TA-260331-house-66782c600be9:s152].

The Treasurer also used question time to contest the Opposition's fiscal record directly, stating that the shadow Treasurer's election platform would have produced an $11 billion larger deficit than the government's fuel excise measure, and that across seven budgets and updates the government has found $114 billion in savings — including $20 billion in the December mid-year update — and turned Liberal deficits into Labor surpluses [TA-260331-house-66782c600be9:s146].

The day's density is notable: the same fuel excise theme appeared in a PM media release, the second reading speech and three separate question time answers, with the card surcharges and Fair Work Commission outcomes woven in across all three streams. The May budget now sits as the forward anchor for all three instruments.