Free market think tank the Institute of Public Affairs has today welcomed the renewed deregulation agenda as outlined this morning in a keynote address delivered to the Business Council of Australia by The Hon Ben Morton, MP, Assistant Minister to the Prime Minister and Cabinet.

The IPA has developed a significant body of evidence demonstrating that cutting red tape is the single most important lever that governments can pull to support businesses, create jobs, and boost wages.

“This is exactly what the government should be doing. Cutting red tape will be vital to creating businesses and jobs as Australia emerges from the COVID-19 lockdowns,” said Daniel Wild, Director of Research at the IPA.

“This is a very exciting and far-reaching agenda which will support Australia’s post-COVID economy and society.”

“Reforming the culture of regulators is a visionary change which, if given the chance to work, will stop the regulate first, ask questions later attitude often prevalent in government.”

“Ben Morton has outlined the kind of economic leadership that Australia requires at a time when Australia is experiencing its first recession 30 years.”

“Devolving environmental approvals to state governments is a bold reform will cut green tape, and support investment and job creation in the resources sector which is overwhelmingly concentrated in Australia’s regions.”

“The government should build on this good start by implementing a one-in-two-out approach to cutting red tape, carving small businesses out of the Fair Work Act, and returning the volume of environmental regulation back to the level at which it was originally introduced in the year 2000,” said Mr Wild.

IPA research has found that red tape costs the Australian economy $176 billion each year in lost economic output, which is approximately 10% of GDP. This makes red tape Australia’s biggest industry.