The recent report by Business Chamber Queensland titled, Efficient Regulation Report 2023 – Measuring the red tape burden on Queensland business, reiterates the views of our members and findings of our own research undertaken by Consult Create Research and McCrindle. And that is, regulatory requirements are:
- excessive, unnecessarily complex, and restrict business confidence;
- poorly communicated and explained and are drafted in a vacuum; and
- inefficiently implemented, inconsistently enforced, and with poor response times and lengthy delays from government, the cost burden on business increases.
Sound familiar? Heard this before?
Like Business Chamber Queensland, our advocacy over many years has been focused on reducing the administration and red tape burden inhibiting the business sector.
The facts in the report are clear. 82% of businesses say that red tape costs have increased since 2021 and the financial administration compliance burden has increased 100% from $25,000 to $50,000 in the same period. Combining this with 43% of businesses confirming that they spend six or more hours a week on regulatory compliance, one can only conclude, the impacts on every business has skyrocketed.
Yes, I get a bit, hot under the collar, about administration and red tape burden because of damming statistics like these. Who is listening? What is being done to relieve this pressure around efficient regulation?
This increasing burden has a direct bearing on the ability for business to grow and innovate. It significantly reduces the competitiveness of our local businesses and our region. And I will continue to harp on about this issue as it needs constant attention, constant reflection, and constant adaptation.
No one is suggesting we do not need regulation. We do. But it needs to be effective and efficient regulation and not burden communities, hold back business, or deter investment in the region.
Standing Up for Efficient Regulation
With local and state government elections on our doorstep, opportunity knocks.
We need commitments by our existing and aspiring local politicians at all levels of government to STAND UP for the local business community by pledging to bring in policies that promise to work hand in hand with the business community to:
- interrogate and remove excessive, unnecessarily complex regulation to build business confidence and our region’s competitiveness locally, in Queensland, and nationally;
- draft and review regulation together, in a way that is inclusive, collaborative, open, and transparent; and
- develop agreed mechanisms for greater accountability around implementation, regulatory response times, and understanding the financial impact of new regulation on business and the community in general.
What are your thoughts? What do you think we need?
Share them with us by emailing admin@toowoombachamber.com.au and help us stand up for business and our region.
