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Financial Review Business Summit: Jim Chalmers outlines ‘biggest tariff reform in two decades’

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Treasurer Jim Chalmers tells the AFR Business Summit abolishing “almost 500 nuisance tariffs” on imports will save businesses $30 million in compliance costs each year. Follow updates here.

Jim Chalmers is outlining the Albanese government’s move to abolish hundreds of tariffs to improve the regulatory approvals process. He says Labor will permanently abolish “almost 500 nuisance tariffs” on a vast array of imports from July 1 this year. “We will eliminate important tariffs on hundreds of imported goods, including hand tools, toothbrushes and fridges and dishwashers, and sanitary products,” he tells the Summit. “This is the biggest unilateral tariff reform in at least two decades.

It will cut compliance costs, reduce red tape, make it easier to do business and boost productivity.” He says many of these tariffs come at a cost to businesses and government. “Australian workers and businesses have said they’re not protected by these tariffs, but they still have to navigate the red tape involved and bear compliance costs,” he says. “Removing these tariffs will streamline around $8.

 

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