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Deregulating business a main plank of May budget: PM


Scott Morrison says a $120 billion deregulation package in next month’s budget will aim to put business in the driving seat of Australia’s economic recovery.

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The prime minister admits the topic of deregulation may not excite many, but says it is important for firms doing business every day.

“We are determined to take unnecessary regulatory burdens off business, off employers, to unlock investment and to create jobs,” Morrison told the Business Council of Australia on Monday.

The benefits to businesses and individuals from reduced compliance costs are estimated to average some $430 million annually.

“The pandemic has not changed our view that the private sector should remain the primary engine of growth in out economy,” Morrison said.

“Not one that depends on the taxpayers’ continued subsidy.”

Describing it as “stage two” of the government’s national economic plan, the package will streamline the regulatory burden for businesses reporting under the national greenhouse and energy reporting scheme.

This will reduce time spent preparing reports by around 70 per cent in some cases, benefiting more than 900 companies reporting on 7500 facilities every year.

The government will also streamline digital health services, reducing the regulatory burden on about 400 companies in the pharmaceutical, medical technology services and medical software industries.

An estimated 1220 commercial fishing businesses will also benefit from the deregulation plans.

“You can have all the lofty communiques about regulatory reform you like,” Morrison said.

“But ultimately it means working through the detail with those who have to live with this depressing level of regulation that prevents you from employing more Australians.

“Obstacles that need to be stripped away in order for you to grow your business.”


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