MBA was responding to the government's inaugural Red Tape Repeal Day in March which was aimed at repealing counterproductive pieces of legislation.
"It should only mark the start of the process. The building industry doesn't want Red Tape Repeal Day to be the one shot in the locker for abolishing over regulation," Wilhelm Harnisch, CEO of MBA said in a statement.
"Red tape may sound mundane until you connect it with business people spending hours grappling with excessive paperwork instead of directing their energies to the productivity of their businesses and creating new jobs.
"Building and construction is one of Australia's most intensely regulated industries and the nation's third largest employer. Cutting red tape will boost the productivity of the industry allowing it to generate more jobs and provide better value to consumers.
"Master Builders is a strong advocate for removing over-regulation and called for the cutting of red and green tape as a key policy priority in the lead up to the 2013 Federal Election.
"An example of the benefits of cutting red tape in the building and construction industry was the report for the Australian Building Codes Board which found that simplification of national regulations covering the building industry would benefit the economy by around $300 million annually.
"We will continue to champion regulation review and reform of the national building standards National Construction Code, and of the work of Standards Australia, both of which have large regulatory footprints on the building and construction industry.
"Master Builders has also be pressing for red and green tape reforms to help tackle the current undersupply of housing and housing affordability and to accelerate investment in projects in the commercial building sector.
"Ultimately the cost of over-regulation is borne by the community through higher building costs and higher government charges to pay them.
"Master Builders backs the government's reforms aimed at cutting red tape because it will boost the productivity of the industry."
