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Fresh SPC salvo at FTA
20 Aug 2004
SPC Ardmona has fired new criticism at the US-Australia free trade agreement, with chairman Nigel Garrard saying it's worthless to Australia's fruit growers. Under the FTA, tariffs on US fruit imports would drop immediately from 5 per cent to zero, but the 18 per cent tariff the US imposes on Australian exports would decline at just 1 per cent a year.
Mr Garrard emphasised that his view only focuses on a very small part of the FTA but said Australian producers will continue to struggle in international markets. He said he often feels there's a level playing field in SPC's industry but Australia is the only one on it. It's not a level playing field if one considers US and EU agricultural subsidies and the tariffs and other barriers Australia has to compete against, he said. The FTA does nothing to level the playing field from Australia's perspective.
Mr Garrard made the comments on releasing SPC Ardmona's flat full-year profit yesterday. The company overcame drought and severe frosts in growing regions to post an $11.6 million profit. Revenues fell 12 per cent to $213.1 million - mainly due to a frost that wiped out peach, apricot and plum crops. The dividend is steady at last year's rate of 3 a share for shareholders on the register at September 17, payable on October 4.
Herald Sun, 20/8/04.
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