New research undertaken by BAEconomics released today has found that a one year reduction in delays in processing approvals for resources projects will lift Australia’s national output by a total of $160 billion and create an extra 69,000 jobs by 2025.
“I welcome the findings in this report as it demonstrates the gains we can achieve from streamlining the environmental approvals process through our one stop shop policy,” said Senator Simon Birmingham, Parliamentary Secretary for the Environment.
“Duplication of federal, state and local planning processes adds complexity and unnecessary costs to environmental approvals across the country, with no added environmental benefit.
“What the modelling results show is that by 2025 Australia’s real GDP will be 1.5 per cent higher, which is $32 billion higher if the average delay in project approvals is reduced by one year. If we reduce the average delay by two years, our GDP gain will increase to 2.4 per cent which equates in today’s dollars as $51 billion.
“Over the 12 years from 2014 to 2025, the cumulative real GDP gains would be $160 billion and $280 billion respectively,” he said.
Accrediting state and territory planning systems under national environmental law to create a single approval process satisfies both the Commonwealth and state or territory approval requirements.
“The modelling also demonstrates that there is generation of around 70,000 new jobs across Australia’s economy by 2025,” said Senator Birmingham.
“The economic reward that Australians will share is a stronger economy and a more competitive export market and tens of thousands of new jobs while ensuring that our environment continues to be protected.
“We have maintained our commitment to reduce regulatory burden as part of our important deregulation agenda, and delivering on our one stop shop commitment is an integral part of that,” said Senator Birmingham.
Draft bilateral agreements with states and territories are being signed, most recently by the ACT last week, that will deliver on our policy to maintain high environmental standards, while reducing regulatory duplication.
The one stop shop for environmental approvals will cut unnecessary red and green tape and encourage more investment and jobs across Australia.