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Regulatory reform can drive Victoria’s growth

The Victorian Chamber of Commerce and Industry 2 mins read

The Victorian Chamber of Commerce and Industry today released its Regulatory Reform Policy Paper, which puts forward the next pragmatic steps for Victoria’s Regulatory Reform Agenda. It provides a summary of the broad implications of regulatory burden in Victoria, and four significant policy reform recommendations that, if implemented, would enhance productivity, competitiveness, and the overall business environment in the state.

The Paper summarises that a high performing, fit-for-purpose regulatory environment is essential for business success, confidence, and investment. It reduces unnecessary time and cost spent by businesses, particularly small business, and contributes to better innovation and productivity.

These recommendations also intertwine with the findings and recommendations from the Victorian Chamber’s Cost and Ease of Doing Business report, an Australian-first index that ranked the cost of doing business across all states and territories, which was first released in February 2022.

The Paper’s recommendations include:

  1. Commence the next phase of Victorian regulatory reform using our three-tiered approach to increase efficiency, productivity and competitiveness in Victoria.
  2. Create a forward plan over the next four years to fast track the use of secure digital platforms and processes to decrease time spent on applications and renewals.
  3. Empower Better Regulation Victoria to address business approval escalation and deliver coordination and regulatory improvement, including culture change.
  4. Develop a mechanism to scope and thoroughly assess large, complex projects to ensure efficient and comprehensive decision making, which will decrease the regulatory cost for business.

The Paper goes into further depth on longstanding policy recommendations the Victorian Chamber has made, including in previous budget and election recommendations. It has been informed through ongoing stakeholder and consultation as well as through extensive member engagement via regulation-focused roundtables, and ongoing member feedback.

The Paper outlines the future direction needed in regulatory reform, building on Victoria’s successful regulatory reform agenda. The Victorian Government continues to invest in this area, as seen in the latest budget.

For a full copy of the statement, please contact the Victorian Chamber media team.

 

To be attributed to Victorian Chamber of Commerce and Industry Chief Executive Paul Guerra:

“Victorian Chamber members have been clear and vocal in their support for regulatory reform measures, particularly since the release of our Cost and Ease of Doing Business report, which demonstrated that Victoria is perceived as the most expensive place in Australia to do business.

“The current economic headwinds and cost-of-living escalations go hand in hand with rising business costs and we must start implementing policies and strategies now to improve business productivity.

“One clear way to do this is by improving efficiencies on business regulation experiences. Based on previous benefits that saw a $75 million investment return more than $200 million in ongoing benefits, we could see similar returns on investment again.

The Victorian Chamber has been recommending improvements for regulatory reform for years, including in previous budget submissions and more. This campaign is the next step in implementing our recommendations and making a tangible impact on the business landscape. Now is the time for government to cut the red tape for business to make it easier and more efficient for them to do what they do best – run businesses, create healthy communities and support the economy.”


Contact details:

Mikkayla Mossop, media@victorianchamber.com.au, 0423 883 945

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