Commonwealth Government’s Repeal Day measures will reduce regulatory burden on Victorian business

VECCI Chief Executive Mark Stone said - VECCI welcomes the Commonwealth Government’s announcement of a further $305 million, in addition to the $2.1 billion previously announced, in net red tape reduction measures that will be of great benefit to Victorian business.

Mr Stone said highlights for business include:

• Improvements to the ATO website, estimated to benefit six million Australians who will be able to find relevant tax information more quickly.
• Implementing easier monthly Pay As You Go (PAYG) tax instalments for certain businesses, meaning participants will only need to calculate their actual instalment income on a quarterly basis.
• Lowering the amount of surplus capital that private health insurers need to maintain and simplifying their reporting requirements.
• Reducing duplicate assessments for Australian manufactured medical devices, putting Australian manufacturers on an equal footing with their overseas competitors regarding regulatory assessment requirements.

"VECCI also welcomes the Commonwealth Government’s efforts to measure, and report to Parliament, the total cost of federal regulations, estimated at $65 billion per annum," Mr Stone said. "This portfolio by portfolio stocktake highlights key regulatory hotspots and can be used to target future deregulatory reforms.

"VECCI recognises that well-designed regulation is beneficial for business and the wider community because it improves economic stability, provides operational certainty and increases consumer confidence.

"However, because regulations affect all facets of business, including inputs, prices, and output, unnecessary, complex and poorly designed regulations also constrain the ability of business to provide the best product or service at the lowest cost.

"VECCI has been a consistent supporter of the Commonwealth Government’s repeal agenda and applauds the priority given to red tape reform.

The Victorian Employers' Chamber of Commerce and Industry (VECCI) is the most influential business organisation in Victoria, informing and servicing more than 15,000 members, customers and clients around the state.

vecci.org.au