, will remove about 14 per cent of the country’s tariffs, which the government said represented the biggest change to the tariff system in two decades.would cut red tape for businesses and boost productivity.
Treasurer Jim Chalmers says cutting tariffs on many products will ease some cost-of-living pressures.The tariff on toothbrushes raises less than $22,000 a year in revenue, despite the fact annual imports are worth more than $84 million. Washing machine and fridge-freezer imports are worth more than $1.1 billion combined and raise less than $180,000 a year in tariffs.
Consultation on the reforms is open until April 1, and a full list of the tariffs set to be abolished will be provided in the May 14 budget. “These tariff reforms will be better for businesses, better for consumers and better for the economy,” he said.The Business Council of Australia has called for another boost to Australian business through a review of Australia’s foreign investment laws, and says a lack of foreign investment affects businesses’ ability to get projects off the ground.
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