Australians are set to enjoy cheaper beer as legislation to freeze biannual tax hike was introduced to parliament today.

Under the current decades-old system, an indexation is applied to the beer excise in February and August each year in line with inflation.

However, the ongoing hikes have driven the cost of a schooner or pint up to approximately $15. This has led brewers, bar owners, and customers to demand a halt to the contentious indexing process.

The monthly spend for beer rose by 30 per cent from $76 to $99 while wine rose by 17 per cent from $66 to $77. 

Meanwhile, the average price of beer increased by 4.5 per cent in the 12 months to March.

The rising costs have also taken a toll on the industry, which saw dozens of breweries and pubs shut down shop from last year. 

Industry bodies, which have long been campaigning for a freeze, welcomed the government following through on its election promise. 

Australian Hotels Association National President David Canny said the legislation prevented beer from becoming a “luxury item”.

“It’s a win for common-sense in the middle of a cost-of-living crisis,” he said.