Services firm, Deloitte, recently surveyed 50 chairs and CEOs of Australia's biggest private sector companies about their views on Government regulations on their businesses. A majority of them indicated that Government red tape is a big concern for them with the potential to stifle their company's growth. We breakdown the results here.
Red tape woman picture from Shutterstock
According to Deloitte, the general consensus among respondents is regulation is increasing and can get in the way of their decision making process. Some of the key findings from the research include:
- 67 per cent said regulation is on the rise.
- 65 per cent believe corporates are bogged down by red tape. Cutting down regulation will increase productivity, they said.
- 89 per cent say their companies have a consistent approach to risk across their business.
- Generally, business leaders see Australia as an inflexible country to do business in and will look overseas to achieve business objectives. Despite this, they do see Australia's regulatory environment as creating relatively low sovereign risk and the country is in a stable political situation.
- 68 per cent believe compliance is not the culprit for lack of innovation blames cultural issues and politics instead.
What do you think of the results? Do you think a reduction in Government reduced regulation will boost productivity in your organisation? Let us know in the comments.