On 2 November 2012, the Federal Opposition Leader Mr Abbott released the Coalition’s deregulation agenda. He said stronger economic growth, greater investment, more innovation and higher productivity could be generated if Australia changed the way it addressed regulation. Mr Abbott said excessive regulation created greater costs than benefits and discouraged investment and the willingness to “have-a-go”. He said Australia had been “caught in the vice of over-regulation”.
As part of the Coalition’s Deregulation Agenda, Mr Abbott said the Coalition would take immediate action to reduce the red tape burden and lift productivity. These measures would include:
- an annual $1bn reduction in red tape;
- repealing Labor’s carbon tax;
- repealing the Minerals Resource Rent Tax;
- dedicated Parliamentary sitting days for the repeal of legislation;
- establishing a one-stop shop for environmental approvals;
- auditing all environmental legislation; and
- introducing mandatory Regulatory Impact Statements for Cabinet consideration
Mr Abbott said the Coalition’s Red Tape Reduction Taskforce had released a Deregulation Reform Discussion Paper including proposals for consideration that would, among other things: (i) require departments and agencies to reduce red tape every year and record the reduction in annual reports, (ii) require departments and agencies to quantify the cost to business and individuals of complying with the regulations administered by them, and (iii) link the remuneration of senior public servants to quantified and proven reductions in red tape. The paper is on Mr Abbott’s website.
Mr Abbott said the Australian Chamber of Commerce and Industry National Red Tape Survey found that 73% of businesses are reporting an increase in regulation compliance costs over the past 2 years. He said the Productivity Commission had estimated that reducing the burden of unnecessary red tape could generate as much as $12bn in extra GDP per year.
Source: Federal Opposition Leader’s press release, 2 November 2012
[LTN 214, 5/11]