In one of his first major public engagements, Victoria's new Treasurer, John Lenders, outlined details of the Government's progress in meeting its regulation reduction targets at a VECCI lunch held today at Federation Square's Zinc.

The Treasurer indicated that Government is on track to cut red tape by 15 percent over 3 years and 25 percent by 2011. This is expected to save business up to $30 million in the coming year, rising to annual savings of $250 million by 2011.

"These are positive first steps", says VECCI Chief Executive Officer, Mr Wayne Kayler-Thomson.

"Although it is early days yet, we are happy the Government has regulation reform on board as a priority.

"Government must also be mindful of the need to reduce red tape when conducting current reviews of the Equal Opportunity and Occupational Health and Safety Acts.

"Black letter regulation can be a scattergun reaction to a specific problem – 95 percent of businesses are often saddled with regulations that are aimed at 5 percent of the business world.

"Regulations must also be seen in the context of our need to be internationally competitive – we are entering a tougher global trading environment, with the rise of India and China", says Mr Kayler-Thomson

This luncheon was a follow-up to a major business luncheon held in July 2006, where the then Treasurer and now Premier John Brumby MP announced the State Government's Plan to Reduce Red Tape. This plan committed the Government to achieving a number of ambitious targets for reducing the administrative burden of State regulation in order to contribute to new investment and business growth.