The Insurance Council of Australia is part of an alliance of business groups and associations calling for red tape reductions as Treasurer Jim Chalmers prepares to host this week’s Economic Reform Roundtable.

The 27-member group says reform priorities include increasing investment and innovation, reducing red tape by 25% by 2030, improving planning and major project approvals, and productive tax reform that does not raise costs for consumers or businesses.

The three-day roundtable, which has a focus on lifting productivity, will begin at Parliament House in Canberra tomorrow.

“Productivity means working smarter, with better processes, tools and skills, so Australians can spend more time on the things that matter,” the alliance says.

“This week’s Economic Reform Roundtable is a valuable step towards tackling that challenge and our Joint Alliance of Industry Associations is united in our commitment to do our part.”

The group’s submission says the current “economic rule book is out of date” and suggests appointing a minister for better regulation within cabinet.

Proposed actions include funding “improved natural hazard data standards to help inform resilience mitigation and put downward pressure on business and personal insurance premiums”.

The government says roundtable discussions will be informed by nearly 900 submissions from experts, industry leaders and individuals, and more than 40 forums ministers have held around the country. 

The industry association alliance involves ICA, the Australian Institute of Company Directors, the Australian Industry Group, the Business Council of Australia, the Australian Banking Association, the Property Council of Australia, CPA Australia, the Tech Council of Australia, the National Farmers’ Federation, Universities Australia and others.