Business regulation is costing too much to Australian economy

30 November, 2006

Standards Australia CEO, John Tucker, says that business regulation is costing the Australian economy around $86 billion a year, or more than 10 percent of the nation's GDP.

Tucker says the cost of regulation is holding back the Australian economy.

"Addressing the burden of business red tape should be a "number one priority" for the Government, " Tucker said.

"Of the 178 recommendations from the recently completed national review into red tape, the Government hs accepted 158 of which just over 25 required immediate action.

"While it is important to acknowledge that many of the recommendations require fleshing out, it is fair to say that what business and the community really want is action now.

"While Standards Austalia would have preferred to see a much stronger response, we will continue to work with all levels of Government to help reduce red tape and free up business to create jobs and investment in Australia," Tucker said.