Small construction businesses will save up to $42.6 million a year through reforms that will make it easier for owners to understand and meet their regulatory obligations.
The reforms announced today at the Master Builders Victoria's Building Leadership Simulation Centre are expected to save small businesses at least $21.3 million a year once fully implemented. They will:
• Help regulators interact better through Small Businesses Engagement Charters
• Develop clearer and more targeted regulatory information for small businesses
• Prevent small businesses from wasting time filling in duplicated information in government forms by piloting an online profile tool.
Regulators also stand to benefit from the reforms, which are expected to encourage better compliance and increased regulatory knowledge among small businesses.
The reforms are based on the Small Business Regulation Review of the construction sector, following earlier reviews of the retail and visitor economy sectors.
Victoria’s construction sector is made up of more than 304,500 jobs and generated $32.5 billion for the Victorian economy in 2017-2018.
By committing to the reforms, businesses will be supported to spend less time and money on compliance and more time on running and growing their business.
To learn more about the review, go to engage.vic.gov.au/smallbizreview