2 days Ago By Jacob Shteyman
Australia will be "open for business" if the coalition is elected, shadow treasurer Angus Taylor has declared as he unveiled a plan to attract investment by cutting red tape in his economic pitch to the nation. Login or signup to continue reading The coalition will appoint a chair to Investment Australia - a new office within Treasury acting as a "single front door for investment" - within 100 days of forming government, Mr Taylor pledged. It would have call-in powers to hold agencies to account for bureaucratic delays to economically significant projects, which he argued have been holding back growth and productivity.
By streamlining approval pathways and overriding regulators, the new agency will drive jobs, increase investment and restore Australia's economic potential, Mr Taylor promised. "Investment Australia is a structural reform that will provide a lasting message that Australia is open for business," he said in a major speech to the National Press Club on Wednesday. Agency task forces will have a standing mandate to reduce regulatory costs in the financial services, construction and energy sectors.
The agency will enable projects like Woodside's long-delayed North West Shelf gas extension project to bypass environmental roadblocks. Opposition Leader Peter Dutton promised in his budget reply speech to fast-track approval for extending the WA gas project's life to 2070. Mr Taylor's economic blueprint has narrowed in on cutting red tape and bringing down energy costs as its key pillars.
Enabling more gas is "absolutely core to the coalition's plan to grow the economy", Mr Taylor said. "Make no mistake, energy is the economy, but so too are construction and financial services," he said. It's unclear how many extra public servants would be required to staff the new agency and its taskforces, and whether this means the coalition will have to lay off even more bureaucrats to meet its 41,000 headcount reduction target.
"I want to see a strong and effective public service in this country," Mr Taylor said. "But I've learned in my career that you don't need to have a bigger team to have a better team." The cuts promised by the coalition would result in entire departments being abolished and impact services like Medicare and veterans' affairs, Government Services Minister Katy Gallagher said.
Mr Taylor also promised to introduce a bill to make Australia a financial centre within 100 days of being elected. It would legislate changes to financial services, "ranging from payment system reforms, digital assets regulation and restoring our financial advice profession", Mr Taylor said. Australian Associated Press Daily Today's top stories curated by our news team.
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