Precise action needed to support business at all stages

Australia’s Productivity Commission says there’s no quick fix for stilted business growth, urging the federal government to trim back a complex regulatory “thicket.” Treasurer Jim Chalmers requested an inquiry in May into how businesses start, expand and close down as part of the budget’s productivity measures. An interim report released Friday identified barriers that make it harder to allocate resources across the economy, warning that regulation is often unnecessarily complicated by the scale, complexity and cost of requirements. It also found businesses under stress may struggle to find support and navigate insolvency. The commission recommends simplifying regulation and clarifying policies across all stages, including a “tell-us-once” system to prevent duplication. The Australian Chamber of Commerce and Industry criticized the report for not addressing taxes and workers’ rights.