The amount and complexity of new regulation imposed on business and the general community far outstripped the benefits and would damage the economy if left unchecked, according to a new report released by the Business Council of Australia.

Releasing its Business Regulation Action Plan, the BCA has found that the level of new laws and regulation is now growing at 10 per cent a year – three times as fast as Australia’s rate of economic growth.

The action plan quantifies the amount and cost of regulation on large and small business and outlines solutions to curtail the tide of government red tape. It has found the problem of escalating regulation is occurring Australia-wide.

Business Regulation Action Plan for Future Prosperity

Regulation Blow-Out Risks Economic Growth and Prosperity (news release)