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Wednesday, 25 June 2003
Page: 17426

Mr ENTSCH (Parliamentary Secretary to the Minister for Industry, Tourism and Resources) (9:38 AM) —I move:

That this bill be now read a second time.

The Customs Tariff Amendment (ACIS) Bill 2003 contains amendments to the Customs Tariff Act 1995.

Those amendments are complementary to, and cognate with, amendments contained in the ACIS Administration Amendment Bill 2003. Together, these bills extend the provisions of the Automotive Competitiveness and Investment Scheme beyond its original finishing date in 2005.

Customs duty rates for passenger motor vehicles and certain components will reduce from 15 per cent to 10 per cent on 1 January 2005. These rates will be maintained until 1 January 2010, when the Customs Tariff Amendment (ACIS) Bill 2003 will provide for the further reduction of duty rates for passenger motor vehicles and certain components from 10 per cent to 5 per cent.

The enactment of the post-2010 duty rates at this time provides transparency and certainty for automotive and component manufacturers, enabling sufficient time for planning prior to the scheduled reduction in 2010.

I present the explanatory memorandum and commend the bill to the House.

Debate (on motion by Mr Cox) adjourned.