Accountants welcome red tape reduction

The launch of the federal government’s Cutting Red Tape website, aimed at cutting $1 billion in red and green tape every year, has been welcomed by the Institute of Chartered Accountants Australia (ICAA).  

According to the website there will be two parliamentary repeal days every year dedicated to cutting unnecessary and costly legislation and regulation, with the first repeal day in the House of Representatives to be held on Wednesday 26 March. 

Legislation will be introduced a week before, on 19 March, to repeal hundreds of pieces of legislation and thousands of regulations in order to save hundreds of millions of dollars across the economy. 

ICAA chief executive Lee White said businesses are best placed to identify unnecessary red tape and the new website would allow input from the entire community. 

“This new website provides for greater business and community involvement and is a great way to simplify regulatory burden,” White said. 

“It’s also a transparent way for the Government to provide regular updates on how its commitment to cut $1 billion in red and green tape each year is being achieved,” he said. 

The ICAA pre-Budget submission 2014-15 recommended the implementation of a program to obtain broad community input into reducing red tape in an open, systematic and accountable way. 

The ICAA submission noted similar red tape reduction programs overseas have benefited from broad external stakeholder input, as distinct from a government or big business view of how such goals can be achieved.