A regulatory crackdown on vaping products by the Albanese government, focusing on strict adult consumer regulations, could generate about $1.7 billion over four years in taxes and import tariffs. With 1.3 million adult vapers, the Australian government can introduce strict adult only regulations to improve the budget and reduce youth access.
Cross-party support is growing to regulate and license vaping products in line with Western nations like France, Britain, and New Zealand. A report by London-based Independent Economics, estimates that regulating vaping could provide a yearly budget windfall of around $415m, including $254m in GST, $59m in retail and wholesale company tax revenue, and $103m in import tariffs.
Roy Morgan survey data reveals that 73% of Australians support selling vaping products as regulated adult consumer goods. By implementing strict adult consumer regulations, the Australian government can achieve its budget targets and restrict youth access to vaping products.
The full report can be found here.