SYDNEY – Australia said on March 11 it would remove import tariffs on a wide range of goods, including toothbrushes, toasters, hand tools and clothing, in a bid to eliminate red tape for businesses and bring relief to families battling higher living costs.

Removing the tariffs would streamline about A$8.5 billion (S$7.5 billion) worth of annual trade and save businesses more than A$30 million in compliance costs each year, Treasurer Jim Chalmers said in a statement.

“(The government) will abolish almost 500 nuisance tariffs from July 1 this year... these reforms are an important step towards simplifying Australia’s trading system,” Mr Chalmers said.

Most goods are now imported duty-free after successive trade agreements, but businesses spend time and money proving that their imports are eligible for tariff concessions, a compliance cost they often pass on to consumers.

The move, which Mr Chalmers said was the biggest unilateral tariff reform in two decades, will abolish 14 per cent of Australia’s total tariffs.

The full list of tariffs to be axed will be finalised in the May federal budget, he said. REUTERS