: Federal Member for O’Connor has welcomed the Government’s announcement to strengthen its regulation reform agenda to focus on changes that increase innovation and productivity.
Speaking on the Coalition Government’s fourth Red Tape Repeal Day, Mr Wilson said the Government’s agenda to cut red tape and reduce regulatory costs has been an overwhelming success.
“The Coalition made a commitment to reduce red tape by $1billion annually and I’m pleased to announce we have already achieved that target with almost $4.5 billion in red tape savings in our first two years alone” Mr Wilson said.
“Recent significant savings include our reforms to the Renewable Energy Target and streamlining the Australian Taxation Office’s activities which will reduce annual compliance costs by $519.6 million and $185.2 million respectively. Measures like these will assist businesses to grow and invest.”
In the fourth Red Tape Repeal Day, the Government is introducing legislation to make it easier for terminally ill and injured people to access certain ATO-administered superannuation monies. Measures like these reduce the burden of red tap in times of hardship.
For every $1 added to the cost of regulation, the Government has made decisions that cut over $11.
“We have repealed over 10,000 legislative instruments and introduced legislation to repeal over 3600 spent and redundant Acts from the Commonwealth books.
“It is not ‘mission accomplished’ but we have certainly achieved a great deal in two years. Now is the time to strengthen that agenda. Now is the time to focus on productivity.”
Cutting red tape has been a major part of the Government’s overall strategy to build a stronger, more productive and diverse economy.
From 1 July 2016, the Government will broaden its focus to regulation reforms that directly enhance innovation, competitiveness and productivity.
“Over the coming months we will consult stakeholders on the priorities, the tools to assess and prioritise change and the schedule of reform.
“An important area to look at will include working with states and territories to remove duplication and regulation that hamper innovation and productivity.”
More information is available at http://cuttingredtape.gov.au/