Call for Red Tape Reduction Gains Momentum in Australian Financial Sector
Call for Red Tape Reduction Gains Momentum in Australian Financial Sector
0
The Insurance Council of Australia (ICA) has aligned with a coalition of business groups urging the government to cut red tape ahead of the Economic Reform Roundtable hosted by Treasurer Jim Chalmers.
The 27-member strong alliance is pushing for reforms that focus on increasing investment, fostering innovation, reducing red tape by 25% by 2030, and enhancing major project approvals.
Additionally, they are advocating for tax reforms that won't adversely impact consumer or business costs.
Scheduled to begin at Parliament House in Canberra, the three-day roundtable aims to enhance productivity across sectors. "Productivity means working smarter, with better processes, tools, and skills," the alliance states, emphasising the importance of allowing Australians to focus on what truly matters. The collective voices of the Joint Alliance of Industry Associations are committed to advancing this agenda.
The alliance’s submission suggests the need for an updated "economic rule book" and recommends the appointment of a dedicated minister for better regulation within the cabinet. Among the proposed actions is funding the improvement of natural hazard data standards, which would support resilience measures and help control business and personal insurance premiums.
The government plans to incorporate insights from nearly 900 submissions from experts, industry leaders, and individuals, as well as feedback from over 40 forums held nationwide, into the roundtable discussions.
This significant industry alliance includes leading organisations such as the ICA, the Australian Institute of Company Directors, the Business Council of Australia, the Australian Banking Association, and others, underscoring a broad-based commitment to national economic reform.
Published:Tuesday, 19th Aug 2025 Source: Paige Estritori
The Australian Dollar (AUD) is experiencing increased pressure as uncertainties surrounding the Federal Reserve's stance on interest rates and U.S. economic growth persist. Meanwhile, the U.S. Dollar Index (DXY) maintains its strength, creating a challenging environment for the AUD. The Federal Reserve recently shared insights that inflation remains above its long-term goal of 2%, with notable impacts from tariffs influencing goods price inflation. - read more
The Australian federal government's economic reform summit in Canberra is drawing attention with discussions on major tax overhauls, specifically scrutinising negative gearing as part of a broader suite of fiscal reforms. As the three-day summit reaches its final discussions, key elements such as tax reform and budget sustainability are at the forefront. - read more
In a surprising downturn, the Australian dollar has faced a significant setback as market risks amplify. The DXY is showing strength, while the Chinese yuan remains stable. Gold markets exhibit fragility, and other metals signal caution with sustained bearish trends in the mining sector. Emerging markets have faced challenges, but junk bonds and yields appear resilient. Stock markets, however, took a hit amid the nervous financial climate. - read more
Australia, with its expansive coastline and spectacular waterways, naturally cultivates a rich culture of marine enthusiasts. Imagine the salty breeze on your face as you slice through waves, the call of seabirds overhead, and the freedom to explore hidden coves and beaches – this is the quintessential Australian boating lifestyle. - read more
Welcome to the digital age, where online loans in Australia offer convenience and accessibility like never before. With a few clicks, financing for your next big purchase or consolidation of existing debts is at your fingertips. However, venturing into the world of online lending without a compass can leave you navigating choppy waters. - read more
In today’s economy, a good credit score is more than just a number—it's a pivotal element of financial health that can open doors to necessary funding when it's most needed. Whether it's for purchasing a new home, investing in a business, or obtaining personal loans, a robust credit score in Australia is your ticket to favorable interest rates and loan terms. - read more
Knowledgebase
Equity: The amount of (or that portion of) an asset actually owned. Equity is the difference between the market value and the current amount of money still owing on the loan. This is also referred to as the owner’s interest.
