Reductions to Queensland business regulation expected to boost investment
The Queensland government has been dedicated to reducing the amount of red tape surrounding the business sector across the state, which could signal great news for anyone interested in purchasing commercial real estate in the area and pursuing their own small business endeavours. A recent release highlights two years of effort by the state government to help empower local industry and communities.
Treasurer Tim Nicholls outlined the progress of the pursuit, indicating the government was well on its way to reducing red tape by at least 20 per cent by 2018. Things like reducing compliance costs, simplifying processes and removing unnecessary regulations are all aspects of helping to streamline the state's development.
"Through our determination to reduce red tape, our government is making it easier for business to focus on what they do best - creating jobs and growing the Queensland economy," said Mr Nicholls in an April 7 statement.
Over 350 reforms have already been introduced across the state, helping to remove over 9,000 regulatory requirements for business developments in Queensland. This could encourage more people to consider moving to the region and open their own commercial property in the near future. Not only this, but with an impending population boom heading towards the nation, purchasing investment real estate could also be a lucrative undertaking.
Assistant Minister for Finance, Administration and Regulatory Reform Deb Frecklington went on to say these reforms were about delivering tangible benefits and savings to both businesses and communities across the area in order to save billions of dollars over the long term for the state.
"Our reforms to streamline the development application and assessment process for construction projects will save industry $135 million over 10 years. And cutting red tape for plumbers doing ordinary household kitchen and bathroom work is set to save business up to $18 million a year; savings which can be passed on in reduced prices for householders," said Ms Frecklington in an April 7 statement.
Between 2009 and 2012, it has been estimated that the annual cost of regulations have increased by an average of between 6 and 8 per cent. This undertaking by the government will help to make the region more attractive to investors in the long term, aiding the growth of the local economy and helping to increase the strength of Queensland as a state for the future.