Jobs and growth
Sticking to our national economic plan for jobs and growth in a stronger, new and more diversified economy
Ensuring regulation supports productivity and growth
Regulation increases complexity, uncertainty and risk, which impede innovation and entrepreneurship. Cutting red tape has therefore been a key part of the Government's overall strategy to build a stronger, more productive and diverse economy.
The Government has tightened regulation impact analysis and required new regulatory burdens to be offset by reductions elsewhere to ensure that new regulation is well designed and to constrain its growth.
The Government introduced the Regulator Performance Framework to encourage regulators to improve relations with those they regulate.
In just over two years, the Government has reduced the regulatory burden on business and the community by more than $4.8 billion – well in excess of its 2013 commitment to reduce red tape by $3 billion over three years. In 2015, the Government introduced legislation to repeal 1,796 redundant Acts of Parliament.
Building on these successes, the Government is strengthening its efforts on regulatory reform. The new Regulatory Reform Agenda will embrace more complex reforms that encourage innovation and competition, and enhance productivity and economic growth. These efforts will support the Government's innovation agenda and its responses to the Financial System Inquiry and the Harper Competition Policy Review.
As part of the new agenda, the Government will provide an additional $5.6 million to systematically review regulatory regimes to ensure that they are fit for purpose and can adapt to new business models and technological changes.
In partnership with business, the Government's Australian Trusted Trader programme streamlines regulatory procedures at the border. Risk-based assessments will result in lower import prices and a higher return on exports by reducing the burden for trusted traders. Independent modelling estimates this will result in exports growing by $390 million, household consumption by $2.2 billion and business investment by $953 million.