EU wants luxury car tax to go in ‘give and take’ on trade deal & More News

 

The chamber wants the luxury car tax eliminated both as a part of the free trade settlement or in a “side agreement” between the bloc and Australia.

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“In its current form, the [luxury car tax] is neither efficient nor simple to administer. We think that it has no economic merit,” Rose mentioned.

Federal Chamber of Automotive Industries chief government Tony Weber mentioned scrapping the tax would give Australia extra negotiating room, opening up alternatives for sectors corresponding to agriculture to acquire higher European market entry.

“With a bit of vision, we can have a win-win scenario where Australian motorists are better off, Australian farmers are better off, and we have higher GDP in Australia and higher GDP in Europe,” he mentioned.

The luxury car tax doesn’t simply apply to European makers. Weber famous that Toyota house owners have been the biggest payers of the tax due to higher-priced automobiles such because the LandCruiser.

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However, European producers additionally face a 5 per cent tariff on their automobiles, in contrast to car makers in nations together with Japan, Korea and the United States with which Australia has free trade agreements.

A German-made BMW iX electrical SUV has a base worth of practically $113,000, which incorporates the 5 per cent tariff paid by the producer of about $5000 to $6000, and Australian patrons then want to add about $12,000 in GST. After GST is counted, practically $14,500 in luxury car tax is added – taking it to a complete of roughly $139,500, earlier than stamp obligation and registration.

By distinction, the Korean-made Genesis GV60 begins at a base of about $99,400, together with GST, and doesn’t include a 5 per cent tariff. The luxury car tax for that electrical SUV is about $5200, taking its price ticket to about $104,600 earlier than stamp obligation and registration.

Rose mentioned the luxury car tax was a “further disincentive” for larger adoption of electrical automobiles in Australia, given there have been family-sized EVs priced above the edge.

A authorities transfer to present additional incentives for emission-efficient automobiles by scrapping tariffs on automobiles valued beneath $85,000 faces a battle from the crossbench and the Coalition over the estimated $4.5 billion value of the scheme over 10 years.

Rose mentioned the chamber was following developments intently.

”[We] suppose {that a} vary of assist measures is suitable in order to obtain stronger uptake of electrical automobiles in Australia,” she mentioned. “This will also be an incentive for German and other car manufacturers to offer a wider range of electric vehicles to Australian car buyers.”

Cut via the noise of federal politics with information, views and knowledgeable evaluation from Jacqueline Maley. Subscribers can join to our weekly Inside Politics publication right here.

 

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