Australia's Business Groups Push for Regulation Cuts

0:00Business groups in Australia are pushing hard for the government to slash regulations before the federal budget drops next month. They're calling for a full review of rules, better planning laws, and more support for research. Finance Minister Katie Gallagher confirms red tape cuts are on the table, but only the ones that actually make sense, not a blanket wipeout. The budget's final numbers are running late this year, thanks to the war in the Middle East and the Strait of Hormuz shut down messing with global. That chaos is piling on to Australia's inflation headache, making everything trickier to predict. Company directors report businesses shell out nearly 160 billion dollars yearly, just complying with federal rules, which jacks of costs, and slow supply chains. Farmers are filling the pinch from new environmental laws, saying it could ease grocery prices if tweaked. Meanwhile, over 50 advocacy groups won a 25% levy on gas exports to rake in $17 billion a year for housing and welfare.

1:02They're also eyeing having the capital gains tax discount on investment properties and phasing out negative gearing over five years potentially, pulling in $20 billion in the first four years alone. Labor's rumored to dial back property investor perks, though details are hush, hush. Gallagher's balancing business ideas with government priorities like intergenerational fairness, all while navigating this economic storm. They'll lock in the budget details over the next few weeks. That's the story for today, Adelaide News. Today, driven by AI.