The Government today announced the first three priority areas for its Deregulation Taskforce. The Taskforce will work with state and territory governments, and businesses themselves, to identify and address the most significant regulatory barriers to investment for selected industries.
This continues the Coalition Government’s commitment to reduce red tape and unnecessary regulation, making it easier for businesses to invest, create jobs and grow the economy.
The Taskforce will walk in the shoes of business, collaborating with them and states and territories on three key priorities including reducing the regulatory burden for food manufacturers with an initial focus on exporting, making it easier for sole traders and micro businesses to employ their first person and getting major infrastructure projects up and running sooner.
A better regulatory environment will help businesses lower their costs, save time and improve their competitiveness, while major infrastructure projects will help get us home sooner and safer.
The Taskforce will pay particular attention to the degree of regulatory complexity, the length of time for approvals and duplication across levels of government. It will also investigate opportunities to adopt technological or ‘regtech’ solutions which make it easier for business to cost-effectively navigate and comply with regulatory requirements.
The Government has a solid track record of delivering red tape savings. Between September 2013 and December 2016, the Coalition’s ‘Cutting Red Tape’ initiative resulted in $5.8 billion reported as red tape savings. That is $5.8 billion that Australians are now investing in their business or spending elsewhere in the economy.
The work of the Deregulation Taskforce is an important part of the Government’s regulatory reform and productivity agenda which is tackling a range of barriers to investment, boosting efficiency, productivity and job creation. Further detail, including the Taskforce’s terms of reference, is available on the Deregulation Taskforce website: www.treasury.gov.au/review/deregulation-taskforce.