Australian industry is set to save $83.5 million per year thanks to the Australian Government’s red tape reduction.
This week’s Spring Red Tape Repeal Day saw almost 1,000 pieces of legislation and regulation removed. 50 Acts within the Industry portfolio have been either amended or repealed, which the Government says will minimise costs to business.
“This reduction in red tape in the Industry portfolio alone will deliver an $83.5 million benefit to Australian industry through lower costs for paperwork and complying with red tape, giving the business community more time to focus on building Australia’s productivity,” said Industry Minister Ian Macfarlane.
“Cutting red tape is an important part of the new Industry Innovation and Competitiveness Agenda to create a lower cost, business friendly environment for Australian industry.”
$27.3 million in savings will result from Registered Training Organisations (RTOs) no longer having to apply to the national training regulator to update their registration when changes to training packages are made, when the training outcome remains the same.
$10.5 million will be saved per year from improved business support services through the Australian Apprentices Support Network; $4.9 million from a new online record system for vocational education and training attainments and qualifications from 2015; $3.3 million from RTOs being able to add qualifications to their training scope without applying through the national training regulator; and $2.7 million from RTOs no longer needing a financial viability assessment when re-registering.
Minister for Small Business Bruce Billson said the Government had promised to reduce more than $1 billion of red and green tape each year, but have doubled their target by removing over $2.1 billion of compliance costs.
“We need to reduce the footprint of government to enable the community to get on with creating jobs and building a stronger society for all,” Mr Billson said.
“Many of the ideas to cut red tape came directly from members of the community, so please let me know if you are being weighed down by rules and regulations.”