Business Council calls for 25% reduction in red tape

In Short:
– The Business Council of Australia aims for a 25% reduction in regulatory burdens by 2030.
– Proposed changes include removing nuisance regulations and improving licensing rules to enhance productivity.

The Business Council of Australia has urged for a 25% reduction in regulatory compliance burdens by 2030.

The council estimates that over $110 billion in ‘red tape’ could save billions if reduced.The Business Council has proposed removing nuisance regulations, making them consistent nationally, and appointing a “better regulation minister.”

The accumulated regulations have been costing businesses billions, with the last significant audit occurring under the Abbott government in 2014.

Regulatory Challenges

The council claims that productivity growth has been the worst it has been in 60 years, leading to slow income growth. If a 1% reduction in compliance burden occurs, it could yield over $1 billion in savings.

Among the proposed changes are relaxing trading hours for retailers and fixing licensing rules for tradespeople across states.

The BCA argues that outdated environmental laws are impeding progress in housing and renewable projects.

The Economic Reform Roundtable, led by Treasurer Jim Chalmers, is set to begin soon amid criticisms of potential pre-determined outcomes.