News
Business Council calls for 25% reduction in red tape
Business Council urges 25% red tape cut by 2030 to boost productivity amid $110 billion compliance burden
Business Council urges 25% red tape cut by 2030 to boost productivity amid $110 billion compliance burden
– 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 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The BCA argues that outdated environmental laws are impeding progress in housing and renewable projects.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.
Money
AI fears rattle global markets and investors
AI developments cause market volatility, with European software and US tech firms facing significant declines amid rising uncertainty.
AI developments cause market volatility, with European software and US tech firms facing significant declines amid rising uncertainty.
Global stock markets are experiencing heightened volatility as concerns about AI disruption sweep across industries. Investors are closely monitoring which sectors could be most affected as the technology continues to evolve.
Recent announcements from major US AI companies sent waves through international markets, highlighting the interconnected nature of global finance and technology. European software giants such as Dassault Systèmes and RELX saw significant declines, underscoring the global reach of AI developments.
UBS analysts warn that the impact of AI disruption could intensify in 2026 and 2027, with potential ramifications for a wide range of sectors.
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News
One Nation matches coalition as Liberal backing slides
One Nation’s support hits 23%, equaling Coalition; Labor leads at 32% as Liberals reach record low.
One Nation’s support hits 23%, equaling Coalition; Labor leads at 32% as Liberals reach record low.
One Nation has surged to match the Coalition under Angus Taylor, each claiming 23 per cent of primary vote support. This is the first time the party has tied with the Liberals, signalling a major shift in voter sentiment.
The Coalition’s backing has dropped from 28 per cent in January to a record low, while Labor gains ground with 32 per cent of the vote. Analysts say this could reshape the political landscape ahead of the next election.
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News
Iran and U.S. restart nuclear negotiations with diplomacy in focus
Iran-US nuclear talks restart; diplomacy favored amidst economic interests and potential energy deals, mediated by Oman, amid high stakes.
Iran-US nuclear talks restart; diplomacy favored amidst economic interests and potential energy deals, mediated by Oman, amid high stakes.
Iran is pursuing a new nuclear agreement with the United States aimed at delivering economic benefits to both sides, as negotiations restart over its long-running nuclear programme. With tensions simmering for years, both nations are signalling a desire to avoid military confrontation and stabilise the region.
U.S. Secretary of State Marco Rubio says President Donald Trump prefers a diplomatic path forward, while Iran has indicated it is open to compromise in exchange for sanctions relief. The renewed talks mark a significant moment in efforts to de-escalate one of the world’s most volatile geopolitical flashpoints.
Oman is mediating the discussions, which are focused exclusively on Iran and the United States, even as Washington increases economic pressure and Tehran promotes potential deals in energy and mining to sweeten the negotiations.
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