Cheers to Quality: Beer Prices Nudging Up, Embracing a Tasteful Experience

The rising cost of living means Aussies will soon be paying more for a pint of Beer Prices – as well as other alcohol – after a price rise hits on February 5.

by TAUHID SHAH: February 4: Sunday: 21:55 | 2024 Updated.

Beer Prices

Starting February 5, the price of a pint is going up a bit – around 90 cents more per pint. So, get ready to shell out over $15 for your favorite brew. Cheers responsibly!

Your go-to drink just got pricier, and it’s all because of a two percent increase in alcohol tax. Yep, your favorite brew just got a bit more expensive. According to John Preston, the big boss at the Brewers Association of Australia, our country now ranks third in the world for having super high beer taxes, sitting just behind Norway and Finland. So, cheers to paying more for that cold one!

According to Preston, the increase means the tax on a slab will be about $20, and then the Goods and Services Tax (GST) is added on top of that.

In today’s world, about half of the $55 you pay for a slab of beer goes toward excise tax and GST combined. If you enjoy beer, it’s good to know about these changes heading your way. Stay informed about how these taxes might impact your favorite brews!

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The tax on spirits and beer, called the excise tax, changes depending on how much alcohol is in each drink.

The government tweaks the excise tax rates twice a year, in August and February, based on inflation shifts. Recent official data showed a 4.1 percent uptick in inflation for the three months ending on December 31. This means that the cost of living has gone up a bit. The government keeps an eye on this and adjusts taxes to keep things fair and balanced.

With inflation on the upswing, drinkers are facing a nearly 15 percent hike in excise tax since the last federal election in May 2022.

This change makes sure that taxes match the cost of living, influencing people as prices go up and affecting the economy.

In the world of beverages, the alcohol industry is asking the government to reconsider the excise tax.

Mr. Porter strongly states, “We’re urging the government to intervene before the cost of having a drink or a family dinner becomes too expensive for many Australians.”

Stephen Ferguson, the CEO of the Australian Hotels Association, told the Herald-Sun, “Considering the increasing cost of living for many Australians, the government might want to hold off on raising excise for the next few years.”

This saree information is taken from news.com.au