BUDGET TO BOOST PRODUCTIVITY AND CUT REGULATORY COSTS BY $10 BILLION

CANBERRA, ACT, May 12 -- The Treasurer of Australia issued the following media release:

The Albanese Labor Government is delivering a comprehensive package to boost productivity and reduce regulatory costs in this year's Budget.

Boosting productivity is central to this Budget because it's the best way to lift wages and living standards for Australians.

Our comprehensive package to boost productivity and reduce regulatory costs will make it easier to build, easier to do business and easier to invest and innovate in this country.

Combined, Labor's reforms will reduce regulatory costs by $10.2billion each year, boost long‑run GDP by around $13billion a year and promote $400million more investment in R&D by young firms each year.

Our...