In Business

Victoria Treasurer Kim Wells

VCEC Draft Report Highlights Importance Of Regulatory Reform To Cut Red Tape

Victor P Taffa

Treasurer Kim Wells today welcomed the draft report by the Victorian Competition and Efficiency Commission (VCEC) into the state’s regulatory framework, saying that it highlighted the importance of the Government’s efforts to cut red tape and boost productivity.

“Today’s draft report indicates some of the challenges ahead, with a high proportion of Victorian businesses perceiving a significant and growing regulatory burden.” Mr. Wells said.

“This reinforces the need for regulatory reform and firm efforts to cut Red Tape.”

“It supports the Baillieu Government’s Election Commitment to target a 25 % reduction in Red Tape.” Mr. Wells said.

 

“As VCEC has noted, Victoria does not have the luxury of significant mineral wealth which underpins the growth of some other states.”

“For us to maintain and increase our standard of living requires that we work hard to boost productivity, competitiveness and attract new business investment.”

“As a result, we simply cannot afford to impose unnecessary and costly regulation on Victorian Businesses.” Mr. Wells said.

Mr. Wells encouraged all interested Victorians to make submissions following on from the draft report to inform VCEC’s further deliberations and final report.

“VCEC’s final report will be an important input into the regulatory reform process which the Baillieu Government is undertaking, the centrepiece of which is the targeted 25 % cut in Red Tape.” Mr. Wells said.

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