About bloody time!
I welcome these amendments in fact I could almost kiss them.
We live in a really wonderful country that offers incredible opportunities to the ones that are searching for it compared to other well developed countries. HOWEVER, the level of bureaucracy in Australia has been on the rise for quite a number of years and not only is it burdensome to us all but has prohibited Australia to become more competitive as well.
Removal of the so called ‘red tape’ is certainly a welcoming measure and will assist businesses carrying on what they do best and that is concentrating on their business operations.
Australia is simply too highly regulated and having the need to have a watchdog for every sector is simply not viable and canning the watchdog for charities is fine by me especially since the ATO has been already been administering these duties already.
The reduction of compliance requirement within the future of financial advice act (FOFA) is a doubled edge sword though……….I know many financial advisers that do the right thing by their clients and do not even accept commissions and as such would benefit from yesterdays reduced regulation, HOWEVER, it is other gung-ho financial advisers that need such regulations in place to keep them in check. I think that other controls should be put introduced like maybe force each financial advisers (of certain size) to establish a risk committee within their organisation to mitigate any potential abuse or self-interest arising and reports from the committee can then be audited / reviewed by ASIC (just an suggestion I thought of as a middle ground)
This is only scratching the surface, more unnecessary regulations need to be removed at Federal level and especially at State government level; take a look at your local councils for example, you need a form for a form to get another form these days, thus only adding to the frustration of us general household consumers to try and do the right thing i.e. could be getting soil testing done, permits, etc….
Much more to be done but this is a good start.
