The Business Council is calling for a national de-regulation agenda to boost economic growth by cutting red tape, and the plan outlined today by the corporate regulator, ASIC, to reduce regulatory complexity is strongly welcomed.
BCA Chief Executive Bran Black said cutting back or removing regulation and legislation that simply adds cost and complexity to business, with no benefit to the consumer, has never been more important.
"For Australia to remain a competitive destination for business investment, which in turn creates jobs and drives economic growth, we must turbo-charge our efforts to reduce the burden of regulation for businesses," Mr Black said.
"Reviewing and acting on Australia's competitive settings will become even more important if the new United States Government, under President-elect Donald Trump, undertakes a significant reduction in regulation, as has been flagged."
Mr Black said ASIC's new plan to review regulation and legislation that is holding consumers and businesses back, is welcomed.
"It is a refreshing and different approach, outlined by ASIC Chair Joe Longo, to see the corporate regulator calling out regulation and legislation that doesn't work for businesses and consumers.
"The BCA looks forward to contributing to this process to ensure our on-going concerns regarding the growing cost and complexity of regulatory burden is understood."
In his speech today, ASIC Chair Longo said it's time for a renewed national discussion about regulatory complexity;
"Perhaps the single biggest challenge to how effectively regulation can advance and protect the interests of the community and business - is its complexity."
"The volume of legislation passed is also increasing. In the year of Federation, Parliament passed 17 Acts. Today the average is between 150 and 200 Bills a year."
"If we continue on the path we're on we will undermine how effectively consumers and investors can exercise their rights, and we risk a chilling effect on productivity and innovation as businesses struggle to decipher and anticipate regulatory requirements."
"More bureaucracy is not the answer."
"It's become clear that the breadth and ambition of legislation and regulation is having real-world impact on businesses, and on the outcomes consumers can get when they have been wronged."
The Business Council will soon release a new national report on regulation and will call on all governments to review the regulatory burden they currently place on business and outline how it holds back economic prosperity.
