Business Leaders Urge Australia to Appoint Musk-Inspired ‘Minister for Deregulation’

Diners at a restaurant are seen in Melbourne, Australia, on Oct. 22, 2021. Asanka Ratnayake/Getty Images

Australia’s business community is calling for a renewed focus on cutting red tape and deregulation to revive the nation’s struggling economy.

The Business Council of Australia (BCA) has urged political parties to appoint a dedicated “Minister for Deregulation” to streamline government processes, particularly for environmental approvals and business licensing.

“Other jurisdictions around the world, especially the United States, are making their regulatory systems more efficient—if we don’t follow suit, we risk losing investment and seeing a decline in our standard of living,” said BCA CEO Bran Black.

Certified Practising Accountants (CPA) Australia echoed these concerns, warning that excessive regulation is damaging productivity and economic growth.

“Australia has sleepwalked into an overly regulated and excessively bureaucratic nightmare that is damaging business productivity and restricting economic growth. We urgently need to wake up,” CPA Australia stated.

Gavan Ord, CPA Australia’s business investment and international lead, stressed that the increasing volume and complexity of regulations was making Australia less attractive for business.

“The government needs to abandon its ‘regulate first, ask questions later’ approach that is creating uncertainty, confusion, and headaches for businesses trying to grow,” he said.

Push for Tax and Investment Reforms

The Financial Services Council (FSC) has also joined the push for reform, calling for reductions in regulatory burdens, an overhaul of the foreign investment framework, and the simplification of superannuation rules.

FSC CEO Blake Briggs urged a comprehensive tax system review instead of piecemeal changes to superannuation taxes, arguing that such reforms could add $19 billion (US$11.8 billion) to GDP over the next decade.

“The financial services industry plays a critical role in Australia’s economic growth. Our recommendations could increase financial services exports by $2 billion annually and lift productivity by $800 million a year,” Briggs said.

Key proposals include introducing clearer product labelling for sustainable investments and reducing compliance costs that slow down business operations.

Dutton Backs Musk-Inspired Reforms

Global examples of deregulation efforts have further fuelled the push for reforms.

In the United States, Tesla and SpaceX founder Elon Musk has been appointed head of President Donald Trump’s newly established Department of Government Efficiency to cut spending and streamline bureaucratic processes.

Musk has been vocal about eliminating wasteful programs, including its $72 billion foreign aid program.

Opposition Leader Peter Dutton has signalled his support for similar efforts in Australia, recently appointing Senator Jacinta Nampijinpa Price to a shadow government efficiency role on his refreshed frontbench.

Within days of her appointment, Price vowed to review federal spending on Welcome to Country ceremonies as part of a broader plan to tackle what she calls the Albanese government’s “reckless” spending.

Her comments come in the wake of new data revealing nearly half a million dollars spent on the ceremonies in just two years.

“If the Coalition is successful at the next election, we will stop the waste and ensure our spending aligns with the priorities of everyday Australians,” Price told The Epoch Times.

Gallagher Defends Government’s Spending Approach

Finance Minister Katy Gallagher has rejected accusations of reckless spending, emphasising the government’s efforts to cut wasteful expenditure and exercise fiscal restraint.

In a past interview, she stated that since coming to office, Labor has worked to reprioritise spending while improving the budget’s health.

Gallagher highlighted that these measures have saved $80 billion in interest payments, including $4 billion in the 2023-24 financial year.

“The less we have to borrow, the less interest we pay, the better the budget shape is in. And that’s been a key part of [Treasurer Jim Chalmers] and my approach to the Budget, looking at ways we can invest in good, high-quality services, but at the same time, getting the Budget in much better shape than when we came to government,” she said in September 2024.

Business Leaders Push Election Policy in Canberra

Around 30 chief executives will gather in Canberra this week to meet Treasurer Jim Chalmers and Shadow Treasurer Angus Taylor, advocating for the BCA’s 40-page election policy platform.

Attendees will include Wesfarmers CEO Rob Scott, Google Australia Managing Director Mel Silva, Gilbert + Tobin Chairman Danny Gilbert, Rio Tinto Australia CEO Kellie Parker, Endeavour Energy Chief Guy Chalkley, and BCA President Geoff Culbert alongside CEO Bran Black.

The Big Five Questions and policy recommendations for the 2025 Federal Election include addressing the ongoing cost-of-living crisis, tackling the housing shortage, and achieving net-zero emissions by 2050 while ensuring affordable and reliable energy.

Additionally, there is a call for developing a skilled workforce to meet future demands and delivering the essential health and care services Australians need.