Regtech Essential to Reduce Crippling SME Administrative Burden - ASBFEO
(15 July 2020 – Australia) Government investment in Regulation Technology (Regtech) is the most effective way to cut red tape for small businesses according to the Australian Small Business and Family Enterprise Ombudsman (ASBFEO).
The Ombudsman has made a number of key recommendations in regards to key areas where regtech could be implemented including award simplification, tax requirements, skills and training, government procurement and OH&S. The emergence of Regtech created an opportunity to make life easier for small businesses.
“Research shows us that a quarter of small businesses spend 11 hours a week or more on compliance and close to half estimate the annual cost of compliance is A$10,000 plus” Ombudsman Kate Carnell stated.
“Regtech uses information technology to simplify regulatory processes for the end user. It’s a potential game-changer for small businesses trying to navigate Australia’s complex regulatory system. Ultimately the government has an opportunity to modernise their systems now to reduce red tape so that small businesses can develop the skills and products Australia needs to remain globally competitive” Ms Carnell added.