Statement on Regulation Repeal Day Legislation

“The release today of the federal government’s repeal day legislation marks a turning point in dealing with the high costs and inefficiencies faced by businesses and consumers in our economy,” Business Council of Australia Chief Executive Jennifer Westacott said today.

“Along with already announced measures to improve regulation-making processes, this should bring about a significant change in the culture of government in Australia,” Ms Westacott said.

“Make no mistake, focusing on reducing – rather than adding – to the lead in our economy’s saddlebags is unambiguously good for competitiveness, jobs, and lower costs for all,” she said.

“The Bills introduced today are much more than just cleaning up redundant regulation; it’s an important package of measures. It’s the cumulative effect of many poor, unnecessary and inefficient regulations taken together that impose deadweight costs on large business and crippling costs on smaller and medium sized businesses.

“The parliament must now show it understands the importance of cutting poor regulation to a stronger economy and get behind this legislation on repeal day next Wednesday.

“Implementing this package of reforms will be vital for business confidence, because if business sees the parliament demonstrate it is serious about reducing unnecessary regulation, then it will boost the confidence to invest, to create jobs and to provide new products and services.

“Measures in the package, such as simplifying the ‘national employer’ test for self-insurance of workers’ compensation, and streamlining the paperwork associated with registering leases, are the sorts of initiatives that in total will generate big savings.

“Many of the initiatives this week have been priorities for the Business Council for several years.

“The Parliamentary Secretary to the Prime Minister, Josh Frydenberg, should be acknowledged for his determined efforts to understand and act on the growing tide of regulation holding back our economy, and business looks forward to continuing to work with Mr Frydenberg in this effort.

“All in all, the government has made a solid start in its important agenda to remove $1 billion in regulation costs from the economy each year, and parliament should support its progress,” she said.

For further information contact:
Scott Thompson, Director, Media and Public Affairs
Business Council of Australia
Telephone (03) 8664 2603 | Mobile 0403 241 128