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Next step of COVID recovery begins with the budget, PM says

  • April 20 2021
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Invest

Next step of COVID recovery begins with the budget, PM says

By Cameron Micallef
April 20 2021

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

Next step of COVID recovery begins with the budget, PM says

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  • April 20 2021
  • Share

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

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.

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“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.

Next step of COVID recovery begins with the budget, PM says
Next step of COVID recovery begins with the budget, PM says
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About the author

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Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

author image
Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

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