Environment law overhaul could save $450m to $7bn, Minister says

Labor’s environmental reforms promise to slash almost 300 days off project wait times, potentially saving industries billions, as Minister Murray Watt seeks crucial support.

Half a billion dollars will flow into the national economy if federal Labor’s environmental reforms become law, Environment Minister Murray Watt says.

Mr Watt’s reforms have been analysed by his department and the Federal Office of Impact Analysis, showing estimated savings from $450m to as much as $7bn, if Environment Protection and Biodiversity Conservation Act reforms pass the upper house.

In a speech to the Chamber of Commerce and Industry WA on Wednesday, Mr Watt will spruik the proposed reforms.

“We know that time is money. Our new streamlined assessment process – as well as other reforms and initiatives – will deliver substantial cost savings for businesses and bring forward important economic development,” Mr Watt said.

Carriage of reforms handed to Murray Watt following the May election failed to pass in the previous Labor and Coalition governments. Picture: NewsWire / Martin Ollman

“Our reforms will deliver greater productivity through better regional planning, reducing duplication with states and territories, and a more streamlined assessment process for individual projects.”

The law which looks set to change has been largely untouched in 20 years.

The reforms are aimed at tackling a backlog of 30,000 housing, mining and renewables projects.

The Coalition and the Greens blocked the reforms passing into law in Labor’s last term, and opposition from WA Premier Roger Cook also dampened the appetite for change ahead of the last WA and federal elections.

WA Premier Roger Cook will meet with Murray Watt in Perth this week. Picture: Jason Edwards / NewsWire

Since a cabinet reshuffle handed Mr Watt the environment portfolio, he says he has had 75 meetings with industry, environmental, community and First Nations groups.

He and the opposition counterpart also met last week.

On this week’s trip to Perth, his office says he will again meet with the Premier, as well as the Chamber of Minerals and Energy and the Association of Mining and Exploration Companies.

The economic analysis of the reforms offers a broad outlook on possible savings.

At the high end, shaving 288 days off project assessments would save industries $6.87bn, plus save community organisations $36m.

This modelling is subject to changes to the final legislation and how it is implemented.

Originally published as Environment law overhaul could save $450m to $7bn, Minister says