The Albanese Government has announced plans to abolish almost 500 more tariffs in a bid to ease compliance burdens on business and reduce costs for consumers.
Treasurer Jim Chalmers said the changes build on the 457 tariffs scrapped last year. “We’re abolishing these additional tariffs to help cut red tape, ease the compliance burden on businesses and boost productivity,” he said.
The government says the removal of close to 1,000 tariffs over two years will streamline $23 billion worth of trade and save Australian businesses $157 million in compliance costs annually. According to Mr Chalmers, “These nuisance tariffs risk doing more harm than good.”
Treasury will now consult on the proposed list, with submissions open until 10 December. The final list of tariffs to be removed will be published in next year’s Budget.
The proposed changes target low-revenue tariffs that cost businesses more to comply with than they raise for government. Examples include tyres, which generate less than $80,000 a year in revenue despite imports worth nearly $4 billion. Their removal could save businesses more than $32 million in compliance costs annually. Televisions, wine glasses and air conditioners are also among the items where compliance costs heavily outweigh revenue.
Trade and Tourism Minister Don Farrell said the reform would make Australian businesses more competitive while protecting them from unfair practices. Responsibility for safeguard actions will shift from the Productivity Commission to the Anti-Dumping Commission, consolidating trade remedy measures in one place. “By accelerating the modernisation of Australia’s anti-dumping regime, we’re ensuring it is fit for purpose in a modern global economy,” Mr Farrell said.
Industry and Science Minister Tim Ayres highlighted that the changes come at a time of global uncertainty. “These are common sense changes that will help to make our economy more prosperous, productive and resilient in the face of growing global uncertainty,” he said.
The government has stressed that while some countries are tightening trade restrictions, Australia is moving in the opposite direction. “While other nations are putting up trade barriers, we’re tearing them down,” Mr Chalmers said.
Officials say the consensus built at the Economic Reform Roundtable last year was key to advancing tariff reform. “We’re grateful for the clear consensus that was built around tariff reform at the Roundtable, and these contributions will continue to inform the government’s decisions on economic reform in the lead up to the budget and beyond,” Mr Chalmers said.
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