Today’s announcement by Treasurer Brumby at VECCI today of further details of cuts in red tape will boost the competitiveness of Victorian industry and drive further business growth, says VECCI.
"The regulatory reform package `Reducing the Regulatory Burden’ follows reductions in payroll tax, land tax and WorkCover premiums in the May State Budget", says VECCI Chief Executive Officer, Mr Neil Coulson.
"In response to our Pre-Budget submission which called for concrete cuts in red tape, the Treasurer announced measures in the recent State Budget which:
- Reduce the red tape burden by 15% over 3 years;
- Ensure that any new regulation needs to be matched with the removal or off-set of an existing piece of legislation; and
- Introduce financial incentives for Government departments to reduce red tape.
"Today’s announcement by the Treasurer provides a framework for these objectives to be achieved and is a recognition that the days of using black letter law to solve all problems are over and that smarter solutions are needed in a more complex society.
"While the prospect of Free Trade Agreements with countries like China will open up wonderful opportunities for our export sector, we have to be ready for the challenge of trading with countries with different standards of environmental regulation than Australia.
"According to Treasury estimates, Victorian regulation costs businesses around $3.3 billion over annum – a 15 percent reduction in this burden will produce savings of $495 million and a 25 percent reduction will result in savings of $825 million per annum.
"We must be aware that the economic challenges are coming from all sides and adjust accordingly – the South American economies of Argentina, Brazil and Chile are attracting four times the direct foreign investment per head than our Asian trading partners.
"We look forward to the Commonwealth and State Governments further driving the regulation reform process through the Council of Australian Governments, building on some strong policy initiatives the Federal Government has already undertaken in this area.
"VECCI looks forward to continuing to take a leadership role in working with all stakeholders to progress the regulation reform task" says Mr Coulson.
For all media enquiries, please contact:
VECCI Strategic Communications
Ph: (03) 8662 5226
email: media@vecci.org.au |
