Tony Abbott (Warringah, Liberal Party, Prime Minister) Share this | Hansard source

I do thank the member for his question and I wish to assure him and other members of this House that every day the government are purposefully and methodically implementing our plan to build a strong and prosperous economy for a safe and secure Australia. A key element in that plan is cutting business red-tape costs by at least $1 billion a year every year. This is essential if we are to get our competitiveness and our productivity up.

I regret to say that the World Economic Forum's global competitiveness ranking shows that Australia has slipped by some six places in the last five years. We are now, regrettably, only 21st in the world on the global competitiveness ranking. When it comes to the burden of government regulation ranking, I regret to say that Australia is 128th in the world. We are behind Romania, but the good news is we are ahead of Angola. On the Economist's productivity growth ranking, I regret to say that we are second last. We are 51st in the countries ranked, ahead of just Botswana.

So we do need to get our productivity and our competitiveness up, and cutting red tape is an essential part of that. Scrapping the carbon tax will not only remove a $9 billion-a-year handbrake on our economy; it will not only save the households of Bonner $550 a year but save $85 million every year in business red-tape costs. Scrapping the mining tax will not only boost investment but save $11 million every year in business red-tape costs. A one-stop shop when it comes to offshore environmental approvals will not only be good for investment but, according to the Office of Best Practice Regulation, save $120 million a year every year in business red-tape costs.

I can inform the House that tomorrow the government will outline to this House details of the repeal of some 10,000 redundant acts of parliament and regulations. We will scrap all of these in our repeal day—the first repeal day of this government. It will be the biggest bonfire of regulations in our history. I want to thank the parliamentary secretary for his work.

Mr Husic interjecting—

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