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Business backs Government response to Banks Report.



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Media Release The Hon Fran Bailey, MP

10 April 2006

BUSINESS BACKS GOVERNMENT RESPONSE TO BANKS REPORT Leading business authorities in Australia have welcomed the Government’s response to Rethinking Regulation - the report of the Taskforce on Reducing the Regulatory Burden on Business chaired by Gary Banks.

“It’s pleasing to hear that a range of individuals and organisations endorse the Government’s approach,” Fran Bailey, Minister for Small Business and Tourism, said today.

“There was a very positive reaction among representatives at the National Small Business Forum in Canberra and the Small Business Roundtable in Queanbeyan last week - and the sentiment is clearly widespread.”

Among the changes announced as a result of the report, the Government will move to halve the fee for business incorporation; increase Fringe Benefits Tax reporting and minor benefits thresholds; and streamline the ABN and business name registration process.

Government forms will also be made more user-friendly, and the Productivity Commission will be asked to review Australia’s consumer policy framework.

“Minister Fran Bailey and the Government are to be congratulated for taking swift action on the report,” said COSBOA Chief Executive, Tony Steven.

“Businesses considering incorporation will benefit from the reduction in ASIC incorporation fees,” said HIA Managing Director, Ron Silberberg.

“ACCI has previously noted that the exponential growth of regulation has gone unchecked in Australia for far too long. We are encouraged that Rethinking Regulation, and the Government’s response, is recognition of the need to alter that approach,” said the Chief Executive of ACCI, Peter Hendy.

Media Contact: Kevin Lowe, 02 6277 7450 or 0408 404 468.