The double whammy of duty increases will far outweigh any gains from the Australia-UK free-trade deal that Britain finally passed into law last week.
| The British government has slapped a surprise 10 per cent tax increase on wine, which experts say will deliver a particularly harsh blow to price-sensitive Australian exports in their second-largest overseas market., which kicks in this August, that will levy wine duty by alcohol content - again hitting Australian wines harder than those of most other countries.
According to Britain’s Wine and Spirit Trade Association, from August every bottle of Australian still wine sold in Britain will cost at least £0.53 more. WSTA chief Miles Beale called this “a bitter blow”. Australian winemakers shipped $373 million worth of wine to Britain last year, making it our second-largest export market after the United States.In volume terms, one-third of all the wine that leaves Australia is headed for Britain, with 216 million litres exported - the largest single destination.
Australian wine had already had a challenging year in 2022, with exports to the UK down by a double-digit amount as consumers reined in spending during Britain’s energy-driven cost-of-living crisis.“At the Australian Trade Tasting in London in January, we saw some optimism in the market and rekindled interest from across all sectors of the trade,” the February report said.But that was before the budget impost.
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