House of Representatives
Customs Amendment (ASEAN-Australia-New Zealand Free Trade Agreement Implementation) Bill 2008
Explanatory Memorandum
Circulated By Authority of the Minister for Home Affairs, the Honourable Brendan O'Connor MpFINANCIAL IMPACT STATEMENT
It is estimated that the customs duty forgone as a result of the implementation of the Agreement could be approximately $971 million for the period up to the end of the 2012/13 financial year. This figure will be affected by a range of factors, including the degree of utilisation of the Agreement's tariff commitments, changes in trade flows, fluctuations in exchange rates and GDP growth.