Coalition’s ‘red tape cop’ with power to approve multimillion-dollar investment projects

The Coalition will install a ‘call-in’ cop with legislative powers to approve multimillion-dollar investment projects, as Peter Dutton vows to drive a ‘pro-business’ culture through the public service.

Peter Dutton wants to drive a “pro-business” culture through the public service. Picture: Thomas Lisson/NewsWire

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The Coalition will install a “call-in” cop with legislative powers to approve multimillion-dollar investment projects, such as the North West Shelf gas development, if slow bureaucrats cannot do it in time, as Peter Dutton vows to drive a “pro-business” culture through the public service.

Others projects that could fall under the new fast-track laws include stalled housing developments being held up by commonwealth environment law and uncontroversial investments from trusted trade partners.

Opposition energy spokesman Angus Taylor wants to appoint a powerful new chair and deputy chair to a new legislated body that could bring projects and investments to cabinet for approval, even if a department such as Environmental Protection Australia or even the Foreign Investment Review board were dragging their heels.

He will also announce that within 100 days of forming government, it would legislate reforms to the regulation of digital assets and financial services with the ambition to elevate Australia to becoming the financial hub of the region.

The new body, to be known as Investment Australia, will bring in non-sensitive functions of the FIRB, Takeovers Panel and Major Project Facilitation Agency into one structure within Treasury, with a statutory mandate to reduce red tape and get more investment through the door.

It will be modelled on former Queensland premier Campbell Newman’s Co-ordinator-General role.

But the proposal has overtones of a miniature version of the Trump administration’s Department of Government Efficiency, with Mr Taylor adamant it will reduce red tape and drive investment that will boost revenue for the government.

“Within 100 days, we will appoint the Investment Australia chair and set them to work on a mission to reduce regulatory costs in our key enabling sectors: financial services; construction, and; resources and energy,” Mr Taylor will tell the National Press Club on Wednesday.

“Two budgets ago, Labor promised a single front door for investment. Two budgets later, the door hasn’t opened.”

Opposition energy spokesman Angus Taylor said the new body will reduce red tape and drive investment. Picture: Picture: Dan Peled/NewsWire

Mr Taylor will spruik the new body as a form of “structural reform”, saying it will “streamline our overlapping and confusing public service agencies, while driving a pro-business, pro-investment mindset throughout the public service”. “It will implement strong accountability for regulators and bureaucrats.”

If legislated, the chair and deputy chair would have call-in powers that would enforce new statutory deadlines on major commonwealth regulatory barriers, and could recommend to cabinet to approve projects with parliamentary accountability.

After a legislated referrals window, the new body would then undertake “independent economic analysis” and be able to make a recommendation to cabinet. The Singapore government has a similar body, known as the Singapore Economic Development Board, which has the power to call in projects that are stuck in departmental red tape.

Projects with greater national security sensitivity will continue to be reviewed under existing FIRB protocols.

The new body would also take stewardship of the Financial Services Regulatory Grid.

Its legislated powers would include “call-in powers” to hold regulators and agencies accountable for bureaucratic delays for economically beneficial projects for our nation, Mr Taylor will say.

“Central to this mission is to make it cheaper to build, finance, and power our country. This reform is not an inquiry but rolling and structural red tape reduction to reduce costs to consumers and bring down the cost of doing business and the cost of living.

“Energy is the economy, but so too are construction and financial services. The costs in these sectors are embedded in everything we buy. If these sectors go backwards, our economy goes backwards. If they are strong, the economy is strong.

“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.”

Mr Taylor said the reforms would feed into every industry that drives prosperity, from manufacturing, and mining and resources industries, to the agricultural sector, forestry and fisheries.