Call for Red Tape Reduction Gains Momentum in Australian Financial Sector

The Insurance Council of Australia (ICA) has aligned with a coalition of business groups urging the government to cut red tape ahead of the Economic Reform Roundtable hosted by Treasurer Jim Chalmers.

The 27-member strong alliance is pushing for reforms that focus on increasing investment, fostering innovation, reducing red tape by 25% by 2030, and enhancing major project approvals.

Additionally, they are advocating for tax reforms that won't adversely impact consumer or business costs.

Scheduled to begin at Parliament House in Canberra, the three-day roundtable aims to enhance productivity across sectors. "Productivity means working smarter, with better processes, tools, and skills," the alliance states, emphasising the importance of allowing Australians to focus on what truly matters. The collective voices of the Joint Alliance of Industry Associations are committed to advancing this agenda.

The alliance’s submission suggests the need for an updated "economic rule book" and recommends the appointment of a dedicated minister for better regulation within the cabinet. Among the proposed actions is funding the improvement of natural hazard data standards, which would support resilience measures and help control business and personal insurance premiums.

The government plans to incorporate insights from nearly 900 submissions from experts, industry leaders, and individuals, as well as feedback from over 40 forums held nationwide, into the roundtable discussions.

This significant industry alliance includes leading organisations such as the ICA, the Australian Institute of Company Directors, the Business Council of Australia, the Australian Banking Association, and others, underscoring a broad-based commitment to national economic reform.

Published:Tuesday, 19th Aug 2025
Source: Paige Estritori

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Liquidity:
The ease with which an asset or security can be converted into cash without affecting its market price.