Australia is set to remove import tariffs on a wide range of household items and clothing in a bid to ease the conduct of businesses and bring relief to families battling higher living costs.
Though most goods are imported duty-free businesses spend time and money proving their imports are eligible for tariff concessions, a compliance cost they often pass on to consumers.
Treasurer Jim Chalmers in a statement said the move which is the coumtry’s biggest unilateral tariff reform in two decades, will abolish 14% of it’s total tariffs.
removing the tariffs will streamline about $5.62 billion worth of annual trade and save businesses over a$30 million in compliance costs each year.
