Bright Future for Shipping Business in Australia

Today marks an historic occasion for the Australian Shipping Industry with the successful passing of the Shipping Reform Bills through the House of Representatives.

All five Bills before Parliament were passed including the Shipping Registration Amendment (Australian International Shipping Register) Bill and the Tax Laws Amendment (Shipping Reforms) Bill, which together will establish an  international register, and help to launch more Australian ships into international trade.

"The introduction of the Australian International Shipping Register is a major development for Australia. Currently, Australian ships carry less than 0.5% of our export cargos" said Teresa Lloyd, Executive Director of the Australian Shipowners Association.

"Combined with the Tax Laws Amendment, the opportunity to compete with foreign flagged ships in these trades is now possible. This is a very positive development for the future of this Australian industry' she said.

The Coastal Trading (Revitalising Australian Shipping) and the Shipping Reform (Tax Incentives) Bills were also passed today.

"The Coastal Trading Bill essentially codifies current practice and importantly increases transparency. The Shipping Reform (Tax Incentives) Bill provides Australian companies a significant and exciting opportunity to invest in new tonnage and potentially expand existing operations." said Ms Lloyd.

"We congratulate Minister Albanese and the Gillard Government for their commitment to the revitalisation of the shipping industry and look forward to the passage of these Bills through the Senate" Ms Lloyd said.