Business calls on Government to target cost of red | Australian Markets

Business desires the Government to set a target to cut the cost of red tape by a quarter over the following 5 years at its financial roundtable subsequent week.

The call from the Business Council of Australia echoes the duty UK chief Keir Starmer has set his authorities, and is consistent with a Productivity Commission advice though the public suppose tank stopped short of setting a numerical target.

In its “Better Regulation” submission to Treasury’s session for the roundtable, the BCA says too many companies face duplication and inconsistencies in regulation, frequent rule modifications, and poor understanding from policymakers concerning the time and cost it takes to deal with swathes of red tape.

It estimates the compliance burden prices more than $110 billion a 12 months.

“We have become too complex a country in which to do business, and that’s a massive handbrake on our ability to lift productivity and living standards,” mentioned BCA head Bran Black, who’s attending subsequent week’s roundtable.

“In Victoria, a café owner needs 36 separate licences and approvals before they can pour the first coffee, while a tradie on the Gold Coast needs to pay hundreds of dollars in permits just to fix a tap over the NSW border. This is the regulation we need to fix.”