Govt releases National Competition Policy action plan
Make us a preferred source
Make us a preferred source on Google
The news: The Albanese government has released a jurisdiction-specific implementation plan for four objectives of its National Competition Policy (NCP) reforms.
Additionally, Treasurer Jim Chalmers and Finance Minister Katy Gallagher have asked 37 regulators for productivity boosting ideas.
The context: In November 2024, the federal government set aside $900 million in funding that would flow to state and territory governments upon implementation of NCP reforms.
The four key NCP objectives include:
- Lowering barriers to modern methods of construction like prefabricated materials;
- Lowering barriers to adopting overseas standards;
- Improving labour mobility in the care sector; and
- Removing barriers to ‘rights to repair’.
Additionally, Treasury launched consultations on reforms to the way standards are adopted in regulation to remove interstate and international barriers to trade as well as on the motor vehicle service and repair information sharing scheme.
As a part of consultation ahead of the government’s Economic Reform Roundtable, Chalmers and Gallagher have also sent letters asking 37 regulators and department secretaries to provide a list of productivity-boosting proposals by 1 August.
The regulators have been asked to pitch material and measurable actions that could boost productivity and can be delivered within existing resources in the short-term without the need for regulatory change.
This could include cutting unnecessary red tape and lowering compliance costs as well as facilitating investment, encouraging new firms, or rapid adoption of new products and services.
The Australian Taxation Office, The Australian Securities and Investments Commission, and the Australian Competition and Consumer Commission are among those to be sent letters.
Letters were also sent to eight federal government department secretaries that oversee significant internal regulatory functions.
What they said: "Finding opportunities to reduce regulatory burdens on business, without compromising on standards or our values, will be key to building a more productive economy," Gallagher said.
“Regulators across industries have been invited to provide us with ideas to encourage investment, spur growth, and bring down compliance costs.
“We’ve been clear that this roundtable is about being practical and pragmatic which is why we want to hear from, and work with, voices from across the economy."
The sources: Treasury website, Federal Financial Relations agreement
