The Business Council welcomes the Government’s proposal to remove almost 500 “nuisance” tariffs as a win for businesses and consumers.
Business Council Chief Executive Bran Black said the move shows the Government is willing listen to industry, with the BCA making many calls for this reform, including most recently in its Seize the Moment policy report in 2023.
“We welcome these changes because they remove an unnecessary burden and red tape on many businesses and this will flow through to consumers,” Mr Black said.
“Productivity Commission analysis shows every dollar of tariff revenue collected costs the economy up to $1.60.”
The proposed removal of nuisance tariffs complements the work of the Simplified Trade System Taskforce to make cross border trade cheaper, faster, and easier.
The BCA says the next step is to address the over one-in-three regulations that mandate the use of paper and other outdated technologies.
Mr Black said the BCA is today also calling for a comprehensive review into foreign investment to ensure Australia is a beacon for global capital.
“It is important we continue to attract investment into Australia which benefits Australian jobs and economic growth,” Mr Black said.
The BCA, in a pre-Budget submission, suggested Australia’s review of foreign investment could mirror a similar approach undertaken by the UK Government with its Harrington Review, which identified how the UK can better attract foreign investment in growth sectors.
