Cutting red tape to speed up Australia's economic recovery from the coronavirus pandemic will be a key pledge if the Coalition is re-elected later this year.
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In a speech to be given by Treasurer Josh Frydenberg to the Regulatory Reform Conference in Canberra on Wednesday, the commonwealth will outline deregulation that will form part of its strategy to support the economic recovery.
The speech seen by The Canberra Times outlines further deregulation reforms relating to corporate compliance, streamlining consumer goods frameworks with overseas standards and changes to credit act to better deal with electronic signatures and documents.
All of which Mr Frydenberg believes will save businesses millions of dollars and assist in reducing the price of goods for consumers.
"Tens of thousands of businesses will benefit from these reforms, lowering costs and reducing their regulatory burden," an excerpt of the speech reads.
"Consumers will also benefit from having a wider range of products available at lower prices, while maintaining consumer safety."
Mr Frydenberg notes in June last year that National Cabinet agreed further deregulation was needed to support businesses and the economy through the pandemic.
During the pandemic, Treasury, APRA, ASIC and the Council of Financial Regulators relaxed rules surrounding financial advice requirements, reporting deadlines for listed and unlisted entities and capital raising.
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The Treasurer said much of the regulatory relief during the pandemic would be made permanent, including reforms to continuous disclosure requirements.
He also outlined the Building on the Meetings and Documents Bill will be introduced to parliament this week, which will seek to expand the number of documents that can be legally signed electronically.
Those reforms are expected to save firms up to $50 million a year in red tape.
"It will do this by further expanding the universe of documents that companies can sign and send electronically to include, for example, documents sent by bidders to shareholders during a takeover and documents sent by lenders to borrowers under the Credit Act," Mr Frydenberg said in relation to the first tranche of the bill.
Roughly 4.5 million deeds and 3.8 million statutory declaration are completed each year.
Mr Frydenberg highlighted; "This adds around 6 and 9 million hours respectively to printing, filling out, signing and physically witnessing their execution".
Treasury also confirmed an examination of current rules regarding consumer goods standards for overseas products.
The commonwealth is looking to better recognise overseas standards for consumer goods, which would allow businesses to comply with most up to date Australian standards.
Mr Frydenberg also boasted National Cabinet's decision to support further deregulation has supported the formation of uniform recognition of occupational licenses.
"This is expected to directly benefit over 168,000 workers each year, particularly those living in border regions," he said.
"This scheme is also expected to boost the economy by $2.4 billion over ten years."
