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Deregulation to help investment

September 12, 2019

 

 

This week saw the Australian government take a step in the direction of the deregulation for Australian businesses. 

 

In an official statement, they announced they had identified the first three priority areas for the deregulation taskforce to tackle to reduce barriers to investment.

These focus areas are:

 

  • reducing regulatory burden for food manufacturers with an initial focus on exporting

  • making it easier for sole traders and micro-businesses to become first-time employers

  • getting beneficial major infrastructure projects up and running sooner 

 

In an official statement the government said, “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.”

 

The government cited the achievements of the ‘cutting the red tape’ initiative which ran from  2013 to 2016 and boasts $5.8 billion in ‘red tape savings’. 

 

Business Council of Australia (BCA) has thrown their support behind government focus on deregulation. 

 

BCA Chief executive Jennifer Westacott said in an official response to the government announcement, “No one wants to remove the sensible rules and regulations in place to protect Australians but not all regulation is well designed. The government's deregulation process is important for fixing outdated or unnecessary regulations that don’t achieve any real benefits. 

 

The business council chief continued that “At the moment, excessive red tape is restricting our ability to compete with our international rivals and preventing new jobs from being created, products being delivered at cheaper prices, and making it harder for big and small businesses to thrive.

 

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