This article was originally published via https://www.fullyloaded.com.au/.
Two peak bodies break down what the federal budget means for Australia’s supply chain and logistics industry
The budget has ramifications for the supply chain and logistics industry
Following this week’s federal budget announcement, the Freight & Trade Alliance (FTA) has combined with the Australian Peak Shippers Association (APSA) to identify parts of the budget that are relevant to Australia’s supply chain and logistics industry.
The main parts of the budget that are relevant relate to improvements made to the biosecurity system, with $145.2 million to be spent over three years to simplify digital processing systems and increase efficiency.
These immediate and longer-term improvements have been made to minimise delays and costs at the border, with this measure coming in after existing fees and charges of biosecurity cost recovery are to set to increase from July 1 this year.
More biosecurity investments of $1 billion will also go into strengthening Australia’s biosecurity system, with a new cost recovery charge on low value goods imported into Australia by air or sea set to come in at the start of July next year.
The budget also provided funding for a simplified trade system, with $23.8 million to be brought in to modernise Australia’s international trade system.
More money will go to reviewing policy options to reduce carbon leakage, while the Australian Tax Office (ATO) will get more funding for increased GST compliance.
Finally, the federal government plans to achieve savings of $61 million over four years by reducing funding for the Export Market Development Grants program, with the money being redirected to the Foreign Affairs and Trade portfolio.