The government has made a commitment to cut red and green tape restricting business from reaching their full potential.

A national ‘Repeal Day’ was announced by Leader of the House and Minister for Education Christopher Pyne on January 13. This day represents an important step towards the government’s promise to cut $1 billion in red and green tape each year to benefit Australian businesses.

The House of Representatives will dedicate a full sitting day on March 26 to review legislation and find where beneficial cuts may be made.

“It’s vitally important that the parliament moves to address the burden of regulation that is strangling our economy,” Mr Payne said.

The Repeal Day is expected to result in more than 8,000 redundant laws and regulations being struck from the statute book once and for all.

Mr Payne believes “every sector of the economy” will benefit from red and green tape cuts made on Repeal Day.

The call to reduce regulation has come from stakeholders across the economy. Industry leaders have conveyed a “constant message” to the government urging effective and timely repeals to help improve productivity and competitiveness.

While the government is focused on cutting superfluous regulations, you should take the opportunity to review one of the most important business requirements – insurance. If you have expanded your enterprise, entered new markets or hired new staff, you may find gaps have opened in your business insurance cover.

By regularly reviewing your policy, you can prevent such gaps from occurring, which will ensure you are not left out of pocket when disaster strikes!

For information on how you could improve your business insurance cover or to find out what policies are available, contact the team at MGA Insurance today.