The notion that fuel excise is "hypothecated" (ie used) to fund roads on a $1:$1 has always been a bit of a myth. From a budgetary perspective all revenue sources are fungible to some extent. IMO it has more to do with what Jean-Baptiste Colbert, famously declared that “the art of taxation consists in so plucking the goose as to obtain the largest possible amount of feathers with the smallest possible amount of hissing". Its just that farmers and miners hiss a lot more, when you talk to them about tax. If you don't believe me, just remember the super profits tax in 2012 that Rudd tried to introduce ... we all remember how that turned out!
Ann: FY22 Earnings Guidance, page-81
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