Victoria's push to reduce regulatory red tape, coordinate investment and improve its planning system are positive steps towards boosting investment, the Business Council says.
Business Council Chief Executive Bran Black said, "Victoria's Economic Growth Statement is a step in the right direction towards improving the State's attractiveness as a destination for business."
"Reducing and improving regulation is key to boosting business investment, and the pledge by the Victorian Government to address a number of challenges holding back the state's growth is welcome," Mr Black said.
"The BCA has long called for a single front door and better coordination to attract investment, and Victoria's implementation of these announcements will drive more and faster project investment."
The BCA is also pleased with the commitment to reduce the number of regulators across the state, which should help improve underlying regulatory settings.
Mr Black said additional streamlining of planning systems for priority sectors such as renewable energy is also welcome, while faster rezoning for commercial land will improve the investment outlook.
The BCA's 2024 Regulation Rumble report revealed that, of all states and territories, Victoria has the most work to do to improve its business conditions, including by addressing heavy tax burdens on businesses and reducing regulatory licencing burdens.
"Victorian businesses are looking for improvements with respect to many fundamental regulatory settings that hold them back and restrict economic growth," Mr Black said.
"Reducing the regulatory burden for businesses should be a priority, just as Victoria's comparatively high payroll tax rate should be reduced."
The BCA will continue engaging with the Victorian Government on how it can further improve settings to foster more business activity.
