Business red tape will be slashed by premier Jacinta Allan as part of her government's plan to revive the state's economy. Her government has released an economic growth plan with 40 policies to encourage business investment.
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00:00The government hopes this 32-page document will help restore business confidence in the
00:06state. Just last month it was voted the worst state to do business in. And while there's
00:11plenty of motherhood statements in this document, among the policies is a plan to reduce the
00:15number of regulators by half. The Premier says this will save businesses $500 million.
00:22Regulations should be a guardrail, not a stop sign.
00:24Victoria's gas supplies are dwindling and this plan does speak about finding new renewable
00:28sources of gas to power industry. Big business has also been recruited to drive change with
00:34a council headed by Ahmed Fahour, formerly of Australia Post, as chair. Other members
00:38include Penny Fowler, AFL CEO Andrew Dillon, Andrew Irvin from the NAB and Anthony Pratt
00:43from Vizzey, who's recently announced he's moving to the US. While some business leaders
00:47were happy with the focus on the private sector leading economic growth, there was one thing
00:52missing.
00:53We would like to have seen tax cuts, but this we understand is just the start.
00:57What we get today is limp, it's empty and it's devoid of any real purpose or vision
01:04that will get the state of Victoria out of the deep budget black hole.
01:09And those budget woes are set to continue. Debt is set to hit $188 billion and government
01:14sources say next year's budget is set to be even worse.