Australian government to cut 500 "nuisance" tariffs
CANBERRA: The Australian government on Thursday said that it will cut another 500 “nuisance” tariffs as part of a push to boost productivity and encourage free trade.
Treasurer Jim Chalmers, Trade Minister Don Farrell and Industry and Innovation Minister Tim Ayres on Thursday announced that the small tariffs on items including tyres, wine glasses and televisions will be removed from the start of the next financial year on July 1, 2026, to reduce the compliance burden on businesses.
Chalmers told reporters in Canberra that the nuisance tariffs “often do more than good”. He said that current tariffs on tyres raise less than A$80,000 (US$52,109.80) in revenue every year, but that removing them will save businesses more than A$32 million (US$20.8 million) in compliance costs annually.
“We are putting our money where our mouth is,” Farrell said, adding, “We want countries to remove trade barriers. We are demonstrating to the rest of the world we are serious about this issue.”
In 2024, the government abolished 457 nuisance tariffs on items including certain vegetables, refrigerators and rubber.
The further cuts were proposed during the government’s economic reform roundtable, which brought together business groups, trade unions and economists earlier in August to discuss ideas to stimulate Australia’s stagnating economic productivity.
Chalmers said that the Treasury will consult on the proposed tariff removals until December and that the final agreed list will be published in the next federal budget, expected to be delivered in May 2026.
By RSS/Xinhua
