Australia's retail sector is still waiting on Canberra to shut down the $1000 GST-free threshold on imported goods after a meeting of the nation's treasurers in Canberra squibbed on taking any action on the loophole.

Some claim the loophole is costing millions of dollars in lost earnings and threatening thousands of jobs.

A meeting between federal Treasurer Joe Hockey and his state counterparts on Friday did have the threshold on its agenda, but no decision was made. Mr Hockey said the treasurers would go away to have another look at it.

Australian National Retailers Association chief executive Margy Osmond said she hoped a solution would soon be reached. ''If the loophole isn't closed swiftly, it will have serious consequences, such as decreased GDP, job losses and reduced GST revenue,'' she said.

Last week Just Group chief Mark McInnes argued that the threshold was giving offshore retailers an unfair advantage and was the No.1 issue for retail in Australia.

An Ernst & Young report for ANRA found the loophole could cost 33,000 retail jobs by 2015 and $6 billion in tax revenue.