2015 Federal Budget impact on international trade

Measures announced in the 2015 Federal Budget which have an impact on stakeholders in international trade include:

–   $5.6 million allocated to start a pilot phase of a Trusted Trader Programme. The pilot will start with four industry partners focusing on seaborne container exports and rapidly expand over the year to imports and air cargo involving around 40 Australian exporters and importers and their supply chains. Faster clearance of low risk cargo for traders with a history of high trade compliance and commitment to supply chain security will again enable border officers to focus on high risk consignments.

– revenues from cost recovery for licensing and import processing are expected to grow from approximately $14 million in 2015/2016 to just around $30 million for each subsequent year.

– expenditure on border revenue collection activities of $78.6 million in 2015/16, reducing to $69 million by 2018/19.

– imposition of GST on digital products and services sourced from off-shore suppliers.

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