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Australia:TCF Strategic Investment Program Amendment goes for Parliamentary approval |
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2004-11-18
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A $747 million assistance package for the textile, clothing and footwear (TCF) industry soo be in place, according to the Industry Minister Ian Macfarlane.
The TCF Strategic Investment Program Amendment (Post 2005 Scheme) Bill 2004 was introduced by him in the parliament on Wednesday.
Among the proposals made was 10 year extension of the current strategic investment program (SIP) and to implement a TCF small business program at the cost of $575 million.
"By setting policy in place for a decade, the government is providing the industry with long-term certainty so as to encourage investment and innovation," said Macfarlane.
Earlier, Labor sought to split a tariffs cut component from the bill but Macfarlane said this was integral to the package."As tariffs impose substantial costs on Australian families and are ineffective as protection for local industry, the government will lower tariffs in two steps over 10 years."
Macfarlane informed that the package was supported by leading organizations like the Textiles and Fashion Industries Australia and the Carpet Institute of Australia, as well as leading companies. |
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