Red letter day for red tape

Red letter day for red tape

The government’s Cutting Red Tape program is driving improvements in Australian economic efficiency by removing $1 billion in red tape every year. The Spring Repeal Day on 29 October saw the removal of nearly 1000 pieces and more than 7200 pages of legislation and regulation. Total net deregulatory savings of $2.1 billion have been achieved since the first repeal day in March 2014.

The Hon. Josh Frydenberg MP, Parliamentary Secretary to the Prime Minister, discussed the broad economic gains of over $2 billion of deregulatory savings with business and community leaders in Melbourne on 31 October. Wolters Kluwer and Group of 100 co-hosted keynote speaker the Hon. Josh Frydenberg MP, Parliamentary Secretary to the Prime Minister, to discuss the broad economic gains of over $2 billion of deregulatory savings.

In his opening remarks, Russell Evans, CEO of Wolters Kluwer Asia Pacific, said: ‘Over three decades, we have developed a deep understanding of the impact of the red tape burden on Australian enterprise. With this year’s $2 billion target having already been passed, we are well on the way to dealing with the urgent issue of excess regulation. Improving efficiency outcomes can save time on tasks that don’t add value to any business – large or small.

Improving efficiency outcomes can save time on tasks that don’t add value to any business – large or small.

‘For example in the accounting sphere, the more streamlined the practice, the more time a senior manager or partner can dedicate to their clients. Practitioners and clients are then positioned with the flexibility to grow their businesses, profitably. They can look to employ more people, invest in R&D and open up potential export opportunities,’ Evans said.

 ‘The Government’s announcement of more than 400 deregulatory measures, which will save more than $2.1 billion in compliance costs, is a significant step forward in boosting national productivity. The beneficiaries are businesses, big and small, individuals, families and the not-for-profit sector, which will be saved from the complexities and costs of dealing with government. This, however, is just the start. There is much more to do,’ said Mr Frydenberg.

Caught up in pointless red tape?

There’s a comments section at cuttingredtape.gov.au that invites you to let the bureaucrats know where they can cut superfluous, costly red tape.