‘s biggest businesses want the country to copy Donald Trump and America in cutting red tape, saying living standards will fall if it’s not done.
Mr Trump appointed Elon Musk, the world’s richest person, to lead a department of government efficiency with the aim of slashing trillions out of the US budget.
Peak lobby group, the Business Council of (BCA) wants a similar position of Minister for Deregulation created to cut paperwork and boost productivity.
BCA warned could get left behind if clunky regulatory systems are not cut, especially when it comes to environmental approvals and business licensing.
Fixing it has to be a national priority, chief executive Bran Black said as he unveiled the council’s priorities for the 2025 federal election, which is due by May.
‘This election and the period beyond must prioritise reforms that will make our economy stronger and more resilient, boost living standards and, overall, make a better place to invest and do business,’ he said.
BCA identified five major questions that both the incumbent Labor government and the Opposition Coalition need to answer.
They were how to ease the cost of living crisis; tackle housing unaffordability; achieve net zero by 2050 with affordable and reliable energy; develop a skilled workforce for the future; and deliver health and care for an ageing population.
Making these priorities more urgent were low economic growth and falling labour productivity, which has gone back to 2016 levels, the BCA said.
Mr Black called for to copy other countries in increasing regulatory efficiency.
‘Other jurisdictions around the world, and especially the United States, are looking to make their regulatory systems more efficient,’ he said.
‘If we don’t follow suit then we will lose investment and see a consequent reduction in our way of life.
‘I am consistently told that ‘s regulatory settings are uncompetitive and are causing us to lose out on the critical investment needed to drive future prosperity – fixing this has to be a national priority.’
Removing red tape and reforming the inefficient tax system were essential to increasing productivity growth, he argued.
While the Business Council did not endorse either major party, and called for some measures that resembled Labor policies such as universal childcare, the proposal for a minister for deregulation mirrored already announced Coalition policy.
In a pre-election reshuffle in January, Opposition leader Peter Dutton named NT senator Jacinta Nampijinpa Price as Shadow Government Efficiency Minister.
Capping government spending growth and reinstating the tax-to gross domestic product (GDP) ratio cap of 23.9 per cent was also needed to bring ballooning budget deficits under control, the BCA said.
The Coalition has promised to restore the tax-to-GDP cap and slash government spending.
The BCA’s other regulatory-busting recommendations included assessing productivity impacts of all new regulation, fast-tracking housing approvals and removing regulation duplicates across government.
It also wants the company tax rate to be reduced to 25 per cent, the introduction of investment allowances for all businesses and a possible increase to the GST.