The Australian government has announced a new policy to eliminate tariffs on 500 tariff lines, starting from 01 July 2024 (see attached annexure). This reform marks the largest unilateral tariff change in two decades. The targeted tariffs have been identified as a burden to Australian businesses because they create unnecessary administrative costs and compliance burdens.
The removal of these 500 tariffs is expected to save Australian businesses time and money, improve economic productivity, reduce red tape, and simplify Australia’s trade system. These tariffs mainly apply to goods with a tariff rate of 5% and below, and they do not protect Australian businesses, as they apply to goods that often arrive at a concessional rate.
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