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Business Council wants red tape slashed
It’s pre-budget submission season, which is when interest, lobby and social groups all submit their wish list to the government ahead of the May budget.
This budget needs to help us get more out of every dollar spent and hour worked – to be more productive – so that Australians can enjoy the benefits with higher wages and a better quality of life.
To be more productive, we need to compete harder and win more investment on the global stage, where we have shockingly been a net exporter of capital since 2019 – this shouldn’t be the case for a growing country like ours.
We have to give Australians, particularly younger ones, more confidence in their financial future with measures including clear fiscal rules like tax-to-GDP caps, and genuine efforts at productivity-generating tax reform, otherwise we will continue to embed intergenerational unfairness.
We also need to get more competitive with our regulatory and planning settings, and not continue to let red tape thrive, which is why we have recommended a national reform fund to incentivise states with payments for making productivity-generating reform.
This is a once-in-a-generation opportunity to slash the cost of living, create thousands of good quality local jobs and training opportunities, and build a clean industrial base for the Territory.
Continue reading…The former prime minister will bow out of politics today. Follow the day’s news liveGet our morning and afternoon news emails, free app or daily news podcastBusiness Council wants red tape slashedIt’s pre-budget submission season, which is when interest, lobby and social groups all submit their wish list to the government ahead of the May budget.This budget needs to help us get more out of every dollar spent and hour worked – to be more productive – so that Australians can enjoy the benefits with higher wages and a better quality of life.To be more productive, we need to compete harder and win more investment on the global stage, where we have shockingly been a net exporter of capital since 2019 – this shouldn’t be the case for a growing country like ours.We have to give Australians, particularly younger ones, more confidence in their financial future with measures including clear fiscal rules like tax-to-GDP caps, and genuine efforts at productivity-generating tax reform, otherwise we will continue to embed intergenerational unfairness.We also need to get more competitive with our regulatory and planning settings, and not continue to let red tape thrive, which is why we have recommended a national reform fund to incentivise states with payments for making productivity-generating reform.This is a once-in-a-generation opportunity to slash the cost of living, create thousands of good quality local jobs and training opportunities, and build a clean industrial base for the Territory. Continue reading…