14 Jul Federal Budget Announcements
On 14 May 2024, the Federal Treasurer Jim Chalmers delivered the 2024-25 Federal Budget for 2024-25. Outlined below is a high-level summation of the announcements relevant to trade, biosecurity, infrastructure and logistics:
Trade
Removal of ‘nuisance tariffs’
The Budget confirmed the earlier announcement by Government that it will permanently abolish 457 nuisance tariffs from 1 July 2024, streamlining the importation of $8.5 billion worth of goods annually. This measure will eliminate tariffs on a wide range of imported goods including toothbrushes, hand tools, fridges, dishwashers, clothing, menstrual and sanitary products.
Ongoing support for the Simplified Trade System
The Government has re-affirmed its commitment to cross-border trade reform, providing $29.9 million to the Simplified Trade System (STS) Taskforce over four 4 years as part of the Budget.
Extending duty free access for goods imported from Ukraine
The Government has extended the duty exemption for the import of Ukrainian goods in response to the conflict in Ukraine for two years, until 3 July 2026.
Phase out of live sheep exports by sea
The Government will provide $107 million over five years from 2024-25 for a series of measures for sheep producers and others involved in the supply chain, market development, sheep welfare, implementation and engagement to support an orderly phase out of live sheep exports by sea.
Additional support for international trade
The Budget also provides for the following measures to support Australia’s international trade with our trading partners which includes expansion of the Australia-India Business Exchange, enhancement of the Go Global Toolkit online platform and improve the competitiveness of the Australian economy by working with trade partners, continued support for Australia’s Southeast Asia Economic Strategy and Southeast Asia Investment Financing Facility.
Biosecurity
Biosecurity and maritime funding
The Budget provides for an additional $123.8 million over two years from 2023-24 to maintain and enhance Australia’s civil maritime security capabilities.
Logistics and infrastructure
Road, railway and airport infrastructure
The Budget includes $4.1 billion in funding over seven years from 2024-25 for 65 new priority infrastructure projects across Australia under the Infrastructure Investment Program.
Support for the development of an Australian Strategic Fleet
The Government will provide funding as part of its election commitment to establish a Strategic Fleet, including a Strategic Fleet Pilot.
Click here for more detailed information about these initiatives.
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