Digital Trade Accelerator Program
The government will invest $29.9 million in a new Digital Trade Accelerator program, which aims to streamline international trade by digitalizing customs procedures and modernizing trade processes.
The goal is to make it easier for Australian businesses to navigate international markets and reduce red tape. If the program works the way it should, it could save exporters up to $500 million annually in administrative costs and get Australian products into international markets quickly and affordably.
Enhancing the Go Global Toolkit
An additional $10.9 million will enhance the Go Global Toolkit, providing exporters with resources and support they need to expand their reach. This toolkit includes practical guides, market insights, and advice to help businesses succeed in foreign markets.
Expanding Trade with India and South Asia
Supporting Agricultural Exports to China
Investment in Export Infrastructure
Support for Small Exporters
Reduce Overhead Costs
Abolishing Nuisance Tariffs
From July 1, 2024, the government will abolish 457 tariffs on various goods, including toothbrushes, fridges, dishwashers, clothing, and sanitary products. This move will streamline $8.5 billion in annual trade, although the benefit appears more likely to flow to importers than exporters. By reducing tariffs on lower-value consumer products, the Australian manufacturing industry at large can focus on developing high-tech products and building export markets for them.
By investing in digital trade infrastructure, enhancing support for exporters, expanding trade relationships and abolishing nuisance tariffs, the 2024-25 Australian Budget sets the stage for a more efficient and expansive trading environment. These measures will help Australian manufacturers and exporters reduce costs, access new markets, and grow their businesses on the global stage.
