Invest
Next step of COVID recovery begins with the budget, PM says
Prime Minister Scott Morrison has his sights set on a business-led economic recovery from the COVID-19 pandemic, relying on deregulation to help grow Australian businesses.
Next step of COVID recovery begins with the budget, PM says
Prime Minister Scott Morrison has his sights set on a business-led economic recovery from the COVID-19 pandemic, relying on deregulation to help grow Australian businesses.
In an address to the Business Council of Australia, Mr Morrison said investing $120 million into a deregulation package will help guide Australia’s economy out of its first recession in almost three decades.
The Prime Minister said the budget will kickstart stage two of the government’s National Economic Recovery Plan, which will be based on lower taxes, competitive policy settings for Australian industry, sensible industrial relations settings, deregulation, open trade and open markets.
“A plan that invests in our people and new technologies – whether it be in our manufacturing plan, our plan to become one of the world’s leading digital economies by 2030, and our plan to take full advantage of the big global energy transition that is taking place around the world,” the PM said in his address.
“A plan that very much puts business and the private sector in the driver’s seat for a durable and strong economic recovery.”
As part of this plan, Mr Morrison pledged he would strive to save individual businesses $430 million a year by reducing compliance costs.
“From well before COVID, deregulation has been an integral part of our economic plan. I’m tempted to say this is not a topic that excites many, including our political opponents, but it is one that our government believes in very deeply because we know how important it is to businesses doing business every day,” he said.
“We are determined to take unnecessary regulatory burdens off business, off employers, to unlock investment and to create jobs.”
The package will also streamline the regulatory burden for businesses reporting under the national greenhouse and energy reporting scheme.
This will reduce time spent preparing reports by around 70 per cent in some cases, benefiting more than 900 companies reporting on 7,500 facilities every year.
Mr Morrison will also streamline digital health services, reducing the regulatory burden on about 400 companies in the pharmaceutical, medical technology services and medical software industries.
Moreover, the PM said, 1,220 commercial fishing businesses will also benefit from the deregulation plans.
“You can have all the lofty communiques about regulatory reform you like, but ultimately it means working through the detail with those who have to live with this depressing level of regulation that prevents you from employing more Australians,” Mr Morrison said.
“The budget next month will lay out the next phase of Australia’s economic recovery plan, to grow our economy so we can deliver the jobs and guarantee the essential services that Australians rely on, and continue to keep Australians safe,” he concluded.
RELATED ARTICLES
About the author
About the author
Economy
Inflation concerns grow as consumer price index rises, prompting potential interest rate hikes
The latest Consumer Price Index (CPI) data has sparked fresh concerns about inflation in Australia, with experts suggesting that further interest rate hikes may be on the horizon. The CPI, a key ...Read more
Economy
State Street economist comments on latest labour force data amid market anticipation
The latest labour force data, released today, has prompted a measured response from financial experts, with insights provided by Krishna Bhimavarapu, APAC Economist at State Street Investment ...Read more
Economy
RBA's interest rate hike impacts Australian employment landscape
The Reserve Bank of Australia (RBA) has decided to increase interest rates by 25 basis points, raising the cash rate to 3.85%. This move, aimed at controlling inflation, has elicited responses from ...Read more
Economy
RBA’s latest rate hike sparks debate over economic impact
In a surprising move, the Reserve Bank of Australia (RBA) has increased the cash rate, signalling a significant shift in its monetary policy approach. This decision comes amid a backdrop of unexpected ...Read more
Economy
When inflation reopens the rate door: A broker-sector case study in defending margins, clients and share
Australia’s latest trimmed-mean inflation reading at 3.3% has revived the prospect of another Reserve Bank move and put lenders, brokers and borrowers back on a tightening footing. This case study ...Read more
Economy
Inflation rise dampens hopes for interest rate cuts as employment dynamics shift
In a development that has dashed hopes for an interest rate cut, Australia's Consumer Price Index (CPI) has surged back to 3.8%, erasing the progress made since October. This unexpected rise in ...Read more
Economy
Inflation surge poses challenges for small businesses and consumers
The latest inflation figures have sparked concern among Australian businesses and consumers alike, with the rising costs expected to influence the Reserve Bank of Australia's (RBA) upcoming interest ...Read more
Economy
Australia’s spending surprise raises the odds of a February rate move — here’s how to protect margin and momentum
Household outlays are running hotter than economists expected, with the latest ABS readings showing broad-based gains across services and goods. That resilience is exactly the kind of demand impulse ...Read more
Economy
Inflation concerns grow as consumer price index rises, prompting potential interest rate hikes
The latest Consumer Price Index (CPI) data has sparked fresh concerns about inflation in Australia, with experts suggesting that further interest rate hikes may be on the horizon. The CPI, a key ...Read more
Economy
State Street economist comments on latest labour force data amid market anticipation
The latest labour force data, released today, has prompted a measured response from financial experts, with insights provided by Krishna Bhimavarapu, APAC Economist at State Street Investment ...Read more
Economy
RBA's interest rate hike impacts Australian employment landscape
The Reserve Bank of Australia (RBA) has decided to increase interest rates by 25 basis points, raising the cash rate to 3.85%. This move, aimed at controlling inflation, has elicited responses from ...Read more
Economy
RBA’s latest rate hike sparks debate over economic impact
In a surprising move, the Reserve Bank of Australia (RBA) has increased the cash rate, signalling a significant shift in its monetary policy approach. This decision comes amid a backdrop of unexpected ...Read more
Economy
When inflation reopens the rate door: A broker-sector case study in defending margins, clients and share
Australia’s latest trimmed-mean inflation reading at 3.3% has revived the prospect of another Reserve Bank move and put lenders, brokers and borrowers back on a tightening footing. This case study ...Read more
Economy
Inflation rise dampens hopes for interest rate cuts as employment dynamics shift
In a development that has dashed hopes for an interest rate cut, Australia's Consumer Price Index (CPI) has surged back to 3.8%, erasing the progress made since October. This unexpected rise in ...Read more
Economy
Inflation surge poses challenges for small businesses and consumers
The latest inflation figures have sparked concern among Australian businesses and consumers alike, with the rising costs expected to influence the Reserve Bank of Australia's (RBA) upcoming interest ...Read more
Economy
Australia’s spending surprise raises the odds of a February rate move — here’s how to protect margin and momentum
Household outlays are running hotter than economists expected, with the latest ABS readings showing broad-based gains across services and goods. That resilience is exactly the kind of demand impulse ...Read more
