The Group of 100, Australia’s peak body for CFOs and senior finance executives, has presented a submission on cutting red tape to Josh Frydenberg, Parliamentary Secretary to the Prime Minister.
Speaking in Sydney, Neville Mitchell, National President of the Group of 100 said:
“Our membership of CFOs from companies comprising 70% of Australia’s ASX market capitalisation is at the sharp end of managing and applying regulation across multiple tiers of government, industries and environmental regimes. As such, the G100 is well placed to make such recommendations. We are confident these recommendations will be considered for inclusion in future tranches of regulatory reductions, the next to be announced in September.
“We are particularly concerned about the quantum of regulation across regulators, the three tiers of government and the imposition of regulations which add to the burden on business.”
“To this end, the Group of 100 organised Working Groups focussed on five industry sectors: Financial Institutions; Retail; Manufacturing; Utilities, Infrastructure & Transport and Services.
“In total, potential annual savings, if all the recommendations were implemented, could be in excess of $1bn.
“The Group of 100 strongly supports the measures already announced by government to improve regulation-making processes, together with Bills introduced in March at ‘Repeal Day’. These marked a turning point in dealing with the urgent issue of excess regulation and have begun to change the culture of government in Australia.
“We look forward to continuing to contribute to a regulatory environment where less is more and this submission is an important step in the process,” he said.
Note: The Group of 100 submission can be found on www.group100.com.au
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