“Assistant Minister to the Prime Minister Ben Morton has today outlined an ambitious economic reform agenda based on cutting red tape and supporting small businesses across Australia”, said Daniel Wild, Director of Research with the free-market think tank the Institute of Public Affairs.
Today Mr Morton delivered a speech to the Australian Chamber of Commerce and Industry Business Leaders Summit held in Canberra where he outlined the government’s deregulation agenda.
“It is encouraging that the Coalition government will prioritise cutting red tape as a part of its broader economic reform agenda,” said Mr Wild.
“Assistant Minister Morton has demonstrated leadership with his vision for a nation with less regulation and more entrepreneurship. It is now imperative that the government delivers on its commitment to reduce red tape.”
“Red tape is the single biggest impediment to business investment, job creation, and economic opportunity in Australia.”
The IPA’s Growing Freedom: Survey of Young Australians, a survey of a thousand young Australians aged between 16 and 25, found that 60 per cent of young Australians would one day like to start their own business.
“Cutting red tape will allow more young Australians to realise their dream of starting their own business,” said Mr Wild.
IPA research estimated that red tape costs the Australian economy $176 billion each year in terms of foregone economic output. This estimate captures all of the businesses which are never started, the jobs never created, and the pay rises which never occur because of red tape.