To coincide with todays PMs Economic Forum in Brisbane, the Minister for Finance and Deregulation, Senator Penny Wong, and Minister Assisting for Deregulation, David Bradbury MP, have published an inaugural report on regulation reform.
To be produced annually, this report Streamlined, Effective, Productive: an Annual Update on the Australian Government Deregulation Agenda looks at the broad range of regulatory review and reform measures achieved in 2011 and 2012 that improve the quality of regulations for business, the community, consumers and the environment.
Regulatory reform is all about improving productivity, increasing competitiveness and boosting economic growth, Minister Wong said.
This publication outlines the Gillard Governments very comprehensive and ambitious agenda of regulatory reform.
The report details the partnership between the Gillard Government and the states and territories under the Seamless National Economy Agreement on a program of regulatory and competition reform, which involves a total of 27 reforms to be completed by December 2013.
To date, 17 reforms have been implemented, including a national consumer credit regulatory regime, standard business reporting, a personal property securities register and a business names register, Mr Bradbury said.
The report also highlights recent Commonwealth regulation reform measures including arrangements for the more efficient inspection and audit of meat exports; the development of a proposed new standard definition of a flood for insurance purposes; new legislation to limit the permitted uses of accommodation bonds by aged care providers; and the development of new pollution standards for light vehicles.
The Productivity Commission recently estimated that progressing 17 of the 27 regulatory reform priorities could reduce business costs by $4 billion per year and increase GDP by over $6 billion annually, or around $250 for each Australian, Mr Bradbury said. The Government has also recently introduced legislation that will remove up to 12,000 redundant Commonwealth legislative instruments.
Unnecessary, duplicative regulation is a hindrance and a frustration for Australian business, Minister Wong said.
We are committed to lifting the regulatory burden on Australian business so they can do what they do best.
Minister Wong will this afternoon chair a session on Australias competition and deregulation reform agenda.
We want to support Australian business and ensure that they are best placed for the opportunities ahead in the Asian Century."
Todays Forum is about continuing the conversation with business about what needs to be done to ensure Australias economy continues to grow from strength to strength, Minister Wong said.
Streamlined, Effective, Productive: an Annual Update on the Australian Government Deregulation Agenda is available online at: http://www.finance.gov.au/deregulation/australian-government-deregulation-agenda.html