Arthur Sinodinos (NSW, Liberal Party, Assistant Treasurer) Share this | Hansard source

The coalition is committed to cutting at least a billion dollars off red and green tape for all Australians. Excessive and unnecessary regulation will increase business costs and reduce productivity, and that means fewer jobs. It is all ultimately about the impact on Australian consumers, taxpayers and workers. So it is a very important part of our commitment to the families and the workers of Australia, because regulation is not a free lunch. You pay for it through increased costs, and that affects the capacity to generate jobs. The Productivity Commission has estimated that reducing the burden of unnecessary regulation could generate as much as $12 billion in additional gross domestic product. Unlike those opposite, the coalition understands that the best thing that government can do to increase the rate of economic growth is to promote innovation and get out of the way of private businesses to grow and to flourish. By reducing regulation, the government is also—

Honourable senators interjecting—