Australia set to eliminate nearly 500 import tariffs on essential goods such as toothbrushes, toasters, hand tools, and clothing, starting July 1.

The tariff removal is expected to impact A$8.5 billion in annual trade and save businesses more than A$30 million a year in compliance costs.

This initiative represents the largest unilateral tariff reform in Australia in over twenty years, aiming to simplify trade and reduce expenses for both businesses and consumers.

The complete list of tariffs to be abolished will be announced in the upcoming May federal budget.

There is ongoing scrutiny over MPs' use of taxpayer funds for travel and calls from the Business Council of Australia to revise foreign investment laws to tackle the investment drought and prevent capital flight.

These reforms are part of the government's broader strategy to lower business costs and alleviate the cost of living pressures.