Thursday, 14 August 2025

Economy

David LIMBRICK (South-Eastern Metropolitan) (12:24): (1010) My question is for the Treasurer. The Reserve Bank of Australia recently released their August statement on monetary policy. Once again, stalling productivity was a key feature. The survey identified the regulatory environment as the most significant factor impacting productivity. The productivity vibe seems to be catching on, though, with federal housing minister Clare O’Neil recently taking aim at excessive regulation and red tape in the construction industry. The challenges in Victoria are significant with the scale of our debt and the significant impact of the increasing tax burden on businesses and people. I always get a bit excited when I hear Labor politicians talk about cutting red tape, but I am usually disappointed by the outcomes. So my question for the Treasurer is: what actions is the government taking to cut red tape and improve productivity?

Jaclyn SYMES (Northern Victoria – Treasurer, Minister for Industrial Relations, Minister for Regional Development) (12:24): I thank Mr Limbrick for his question and the opportunity to talk about what an awesome place Victoria is to live, to work and to invest. We are leading the nation in relation to economic growth, jobs growth and business investment growth, but we recognise that there is always more to do, and I think the Economic Growth Statement is something that I would certainly point you to, Mr Limbrick. I should have some copies available in my office. We released that last year – my predecessor and the Premier at the time – and it is obviously in consultation with Minister Pearson and the minister for industry, Minister Brooks. The Economic Growth Statement is about backing business, with the 10-year plan to unlock industrial land and a streamlined single entry point for businesses on all investment-related engagements within the Victorian government.

Picking up on your point, Mr Limbrick, this is what I hear from businesses and investors as well: less people to deal with and less regulation; less steps means it is easier, and they are more likely to invest. That is also why halving the number of business regulators by 2030, down from 37 currently, is something that I have responsibility for as Treasurer. So there are a number of ministerial –

A member interjected.

Jaclyn SYMES: I know you would like that. I will keep you updated; I have got a few thoughts. We are also replacing paper-based or outdated digital processes and streamlining licences and other approvals, again addressing those frustrations and pain points for business.

Tomorrow I am joining other treasurers in Sydney; that is called the Board of Treasurers. We are getting together in relation to preparing for CFFR, which is where the federal Treasurer joins us. We will be preparing some joint submissions and some joint ideas in relation to the federal Treasurer’s productivity round table. Some of the topics that we are particularly interested in are about reduction of regulation, particularly in the planning space, whether that is housing, renewable energy or other construction projects, because again, time is money, and we know that red tape delays people’s ability to invest that money. Victoria is certainly open for business. We continue to attract more and more investment, but there is always more to do.