Australia announces the cancellation of tariffs on 500 goods, including hygiene products
According to The Conversation on March 10th, the Australian government will lift import tariffs on nearly 500 goods from July 1st. Related products include toothbrushes, manual tools, refrigerators, dishwashers, clothing, and hygiene products. The current tariff for this type of product is 5%. The budget cost has not been announced yet, partly because the plan is yet to be negotiated.
The Australian government stated that this is "the largest unilateral tariff reform in 20 years" and praised it for improving productivity. The government stated in a statement that the new tariff measures will lower compliance costs, reduce red tape, make business easier, and improve productivity. The statement also stated that after signing a series of trade agreements, most goods are now imported duty-free. This means that companies need to spend time and money to prove that their imported products comply with existing tariff preferences and concessions, and they often pass on compliance costs to consumers.
It is reported that the new tariff measures will cancel 14% of Australia's total tariffs, simplifying annual trade worth approximately AUD 8.5 billion. It is estimated that companies will save over $30 million in compliance costs annually.
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