Federal government to scrap 500 'nuisance' tariffs
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The news: The federal government is planning to abolish 500 "nuisance" tariffs in a bid to cut red tape for businesses.
The government is also shifting responsibility for safeguard actions to protect local industry from import surges to the Anti-Dumping Commission. It has previously been the responsibility of the Productivity Commission.
The numbers: The 500 follows a further 457 nuisance tariffs scrapped in July 2024. The collective tariff overhaul is expected to save Australian businesses $157 million in compliance costs and “streamline” $23 billion worth of trade.
The context: One of the areas of consensus reached at the Economic Reform Roundtable in August was the importance of stripping back unnecessary regulations and tariffs.
Treasury will consult on the 500 tariffs the government is planning to abolish with submissions open until 10 December. It includes tyres, televisions, wine glasses and air conditioners.
The final list will be published in the next federal budget.
What they said: "This change will bring together responsibility for all trade remedy measures within the Anti-Dumping Commission, allowing for better harmonisation of actions to support Australian manufacturers and consumers," Treasurer Jim Chalmers, Trade Minister Don Farrell and Industry Minister Tim Ayres said in a joint statement.
"By accelerating the modernisation of Australia’s anti-dumping regime, we’re ensuring it is fit for purpose in a modern global economy," they said.
"While other nations are putting up trade barriers, we're tearing them down.
"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."
The source: Treasurer, Trade Minister and Industry Minister joint media release
