Australia to end another 500 nuisance tariffs to boost productivity

This is on top of the 457 tariffs already abolished by the government in July last year.

The decision followed a recent economic reform roundtable by the government.

This would mean cheaper products for Australian consumers and reduced compliance costs for Australian businesses, a joint press release from treasurer Jim Chalmers and minister for trade and tourism Don Farrell said.

With this reform, we’ll have removed around 1000 tariffs over two years and streamlined approximately $23 billion worth of trade, saving Australian businesses $157 million in compliance costs annually.

The treasury department will now consult on the proposed list of almost 500 additional tariffs to be abolished. Submissions will be accepted till December 10 and a full and final list of agreed tariffs for removal will be published in the next budget.

The decision will save business over $32 million in compliance costs each year, the release added.

ALCHEMPro News Desk (DS)