Minister Assisting the Prime Minister and Cabinet,
Minister for the Public Service,
Special Minister of State
The Morrison Government will save Australian businesses $136 million per year by recognising trusted international standards to significantly reduce duplication and compliance costs.
Assistant Treasurer, Michael Sukkar, said the $9 million investment will reduce the regulatory burden for businesses who are required to comply with mandatory safety and information standards under Australian Consumer Law.
"The funding builds on the Morrison Government's 2021-22 Budget commitment focused on incorporating overseas safety standards," the Assistant Treasurer said.
"It ensures mandatory standards keep pace with industry developments and reduce legal risk and barriers to innovation and trade."
Minister Assisting the Prime Minister and Cabinet, Ben Morton, said the measure is another important step forward in ensuring Australia's safety standards are up-to-date.
"We want businesses to get on with what they do best, and shift their focus to innovation and growth," Minister Morton said.
"We've cut the red tape to make things simpler for businesses to do business, whilst keeping Australians safe through the best standards possible."
Incorporating trusted overseas standards removes duplicative compliance requirements, like retesting and relabelling for products imported into Australia, while maintaining the safety of Australian consumers.
Mandatory safety standards apply to consumer goods or related services to prevent or reduce the risk of injury to Australians.
