Regulatory reform agenda exceeds expectations in 2015

Type: Media release

Date: Tuesday 15 March 2016

The Coalition’s Regulatory Reform Agenda continues to exceed expectations in reducing the cost of regulation and improving the business environment, according to the Australian Government’s Annual Red Tape Reduction Report 2015, tabled in both houses of parliament today.

The report shows that over 460 decisions made during the last year could reduce the burden of Australian Government regulation on individuals, business and community organisations by an additional $2.5 billion.

Assistant Cabinet Secretary and Assistant Minister for Finance, the Hon. Dr Peter Hendy, said this brings the Government’s total efforts to reduce regulatory burden to more than $4.8 billion in just two years.

"Getting rid of unnecessary rules and regulations, and improving the way in which our regulators carry out their duties, are key elements to the Government’s overall strategy to build a stronger, more agile and diverse economy.

"As we transition from the old economy to the new, it is critical we get this strategy right," Dr Hendy said.

"The keys to a successful transition are innovation, investment, infrastructure, and open markets.

"Getting it right means we deliver our children and grandchildren the great jobs they deserve – not just today, but tomorrow and into the future," Dr Hendy said.

"In just two years we have already exceeded our original commitment of reducing red tape by $3 billion in the first term of government.

“That’s time and money that businesses, community organisations, individuals and families get back from no longer having to comply with unnecessary and ineffective rules and regulations."

The Annual Report highlights the substantial progress that has also been made in delivering on key elements of the Government’s broader regulatory reform framework.

"For a second consecutive year, portfolios have fully complied with the Government’s agreed requirements for assessing the costs and benefits of the regulatory options under consideration," Dr Hendy said.

The report also notes that the first reporting period for the Government’s new Regulatory Performance Framework commenced on 1 July 2015.

Under the Framework, over 80 Australian Government regulators will monitor and critically assess the way they administer regulation as part of a continual process of improvement.

"When you look at the comprehensive effort that this Government is making, it’s no surprise why other governments globally are looking to us for ideas to strengthen and improve their own regulatory frameworks," Dr Hendy said.

"Over the next financial year the Government will continue to strengthen its efforts to also embrace more complex reforms, build on the ongoing commitments to cut red tape, and improve regulator performance."

The Annual Red Tape Reduction Report 2015 can be found at www.cuttingredtape.gov.au.