An independent audit has found the Government is on track to reach its target of reducing red tape by a further $150 million over three years.

Minister for Industry and Trade Tom Koutsantonis says a report by Ernst and Young shows government agencies have already identified initiatives that have the potential to deliver $111 million dollars in savings to South Australian businesses, with 18 months to go until the deadline is reached.

“The Red Tape Reduction Program is about helping South Australia to stay ahead of the pack in a competitive business environment.

“According to KMPG’s 2010 Competitiveness Alternates Report, Adelaide is the second cheapest city in Australia to set up and do business, marginally behind Melbourne.

“We are the most cost-competitive city in Australia for the Corporate Services and Research and Development Industries.

“The State’s finances are in a sound position, boasting a AAA credit rating, we have an abundance of major projects either underway or in the pipeline, which are worth $71.5 billion, and employment is at a record level.

“There is no doubt in my mind that South Australia is the best place to live and work.

“We need to build on the economic momentum in South Australia, and give local businesses every opportunity to outperform their interstate and overseas rivals.”

Ernst and Young conduct an audit of the Government’s progress every six months.

The Red Tape Reduction Program is overseen by the Competitiveness Council, chaired by Minister Koutsantonis.

Its achievements, including progress of the Red Tape Reduction Program, are made public in annual reports.

The 2009-10 report, due next month, will confirm the final outcomes from Phase One – which saved businesses an estimated $168 million.

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