The Treasurer has agreed to a request from the States collectively to further explore options around lowering the value at which GST is applied to the importation of goods into Australia. The threshold is currently id=”mce_marker”,000.

The Treasurer has also proposed an asset recycling initiative, which he said “could see the Commonwealth offer substantial financial incentives to States and Territories that sell assets and recycle the proceeds of these sales into new productive infrastructure”. Mr Hockey said State and Territory Treasurers have agreed to discuss the initiative and have released a “Statement of Shared Intent”.

Source: Treasurer’s media release, 28 March 2014

[LTN 61, 31/3/14]