Federal government is considering a temporary cut to the fuel excise tax to reduce the price of petrol in Australia. See for example: "Budget 2022: Temporary cut to fuel excise to slash petrol prices" published at news.coma.au on March 21, 2022

(b) Evaluate this policy from the point of view of social welfare. What the benefits of this policy? What are the costs of this policy that will be born by all members of the society? Do you think this is a good policy overall? Explain you answer.