INFO PRIORITY DEPT OF TRADE, BANK OF ENGLAND, HM TREASURY INFO ROUTINE WELLINGTON, UKDEL OECD PARIS, HONG KONG
INFO SAVING BRISBANE, MELBOURNE, PERTH, SYDNEY
DTI: FOR OT4/20
BANK OF ENGLAND: FOR ELSTON
HM TREASURY:
FOR MELLIS
нив
090/4
6063 APR 1991
DESE
INDEX
PA
AUSTRALIAN ECONOMY: INDUSTRY STATEMENT
SUMMARY
1.
GOVERNMENT ANNOUNCES A NEW ROUND OF TARIFF CUTS AND TAX CHANGES AIMED AT RESTRUCTURING AUSTRALIAN INDUSTRY TO MAKE IT MORE COMPETITIVE. ADDITIONAL MEASURES TO HELP EXPORT INDUSTRIES, TO PROVIDE RESOURCE SECURITY FOR THE FORESTRY INDUSTRY AND TO ENSURE SKILLS ARE NOT LOST BECAUSE OF THE RECESSION. LUXURY CAR TAX ABOLISHED. ANTI-DUMPING PROCEDURES
TO BE IMPROVED. PREFERENTIAL TARIFF ARRANGEMENTS FOR HONG KONG AND OTHERS TO BE PHASED OUT.
DETAIL
2.
IN A MAJOR INDUSTRY POLICY STATEMENT HEADED QUOTE BUILDING A COMPETITIVE AUSTRALIA UNQUOTE ON 12 MARCH, PRIME MINISTER HAWKE ANNOUNCED
- A FALL IN GENERAL IMPORT TARIFFS FROM 10 AND 15 PER CENT
IN 1992 TO 5 PER CENT IN 1996.
A CUT IN TARIFFS ON PASSENGER CARS FROM 35 PER CENT IN 1992 BY 2.5 PER CENT A YEAR TO 15 PER CENT IN 2000. IMMEDIATE ABOLITION OF THE 50 PER CENT LUXURY CAR SALES TAX SURCHARGE (BUT LUXURY CARS WILL CONTINUE TO ATTRACT A 30 PER CENT SALES TAX RATE COMPARED WITH 20 PER CENT FOR OTHER VEHICLES).
- A CUT IN TARIFFS FOR TEXTILES, CLOTHING AND FOOTWEAR TO A
MAXIMUM OF 25 PER CENT BY 2000 WITH QUOTAS TO BE ABOLISHED FROM 1 MARCH 1993.
TRAINING AND RE-LOCATION ASSISTANCE FOR DISPLACED WORKERS IN THE CAR, TEXTILES, CLOTHING AND FOOTWEAR INDUSTRIES. AN AUSTRALIAN DOLLARS 25 MILLION 2-YEAR PROGRAMME AIMED AT CHANGING THE WORKPLACE CULTURE TO RAISE THE EFFICIENCY OF AUSTRALIAN ENTERPRISES TO WORLD STANDARDS.
- BROAD NEW EXEMPTIONS FROM WHOLESALE TAX ON BUSINESS
INPUTS BY MANUFACTURERS, PRIMARY PRODUCERS AND MINERS. - AN OVERHAUL OF THE TAX DEPRECIATION SYSTEM DESIGNED TO
REFLECT MORE ACCURATELY ACTUAL INVESTMENT COSTS AND REDUCE THE TAX BURDEN ON GENUINE BUSINESS ACTIVITIES. AN INCREASED CAPITAL BASE AND RANGE OF SERVICES FOR THE EXPORT FINANCE AND INSURANCE CORPORATION (ECGD EQUIVALENT).
STRENGTHENED ANTI-DUMPING PROCEDURES INCLUDING A 40-DAY REDUCTION IN THE TIME TAKEN TO PROCESS COMPLAINTS.
THE PHASING OUT FROM 1 JULY 1992 OF PREFERENTIAL TARIFF
GISTRY
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