Coalition announces ‘Investment Australia’ to combat red tape

Announced by shadow treasurer Angus Taylor today (2 April), Investment Australia will consolidate Major Projects Facilitation Agency, the Takeovers Panel, and elements of the Foreign Investment Review Board into one entity.

It will report directly to the Treasurer and cabinet and have the power to escalate economically significant projects stuck in red tape.

The outcomes anticipated are lower costs of business through less bureaucracy.

“Investment Australia is a structural reform that will lower costs and send a lasting message that Australia is open for business. It will streamline our overlapping and confusing public service agencies, while driving a pro-business, pro-investment mindset throughout the public service," said Taylor at the National Press Club.

“Through its investment taskforces Investment Australia will drive deep red tape reduction to bring investment to Australia across our key enabling sectors.”

Construction, financial services, and energy are the major industries expected to benefit from Investment Australia.

“Unlocking these sectors supports our plans to restore the dream of home ownership, revive our manufacturing base, bring down the costs of energy, and rebuild small business,” Taylor said.

“It will have an impact across all the industries that drive our prosperity from our manufacturing, and our mining and resources industries, to our world leading agricultural sector, and our forestry and fisheries while setting up the foundations for future industries to thrive.”

This announcement follows a pledge from the Coalition to lower the serviceability buffer.

Continued cooperation with APRA will continue with plans for LMI-backed mortgages to receive “fairer pricing”, said Taylor.

He also said the Coalition would “freeze the national construction code, restore law and order on our building sites and rebuild our construction trades to bring down the cost of building new supply”.

Taylor said: “We’ll cut migration and invest in breaking infrastructure bottlenecks to unlock over 500,000 more homes for Australians."

The Securing Australia as a Financial Centre Bill was also announced and would be implemented within 100 days following the election.

The changes range “from payments system reforms, digital assets regulation, and restoring our financial advice profession”, said Taylor.

Jack Campbell is the editor of Broker Daily. After graduating from the University of Wollongong in 2022, Jack began his journalistic career working on Broker Daily’s sister brand, HR Leader. In August 2023 he was made the news editor and worked alongside some talented journalists writing articles and recording podcasts.

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