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Response to the inquiry into Business Set-up Transfer and Closure

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The Minister for Small Business is pleased to release the Government’s response to the Productivity Commission’s Inquiry into Business Set up, Transfer and Closure.

The report reflects positively on the Australian business landscape. It identifies that it is relatively easy to start a business in Australia, and that our rate of start-ups compares favourably by world standards. 

The Government is determined to deliver stronger economic performance for Australia by promoting more dynamic, competitive and well functioning markets for the benefit of all Australians. Reducing regulatory impediments that restrict business activity and distort incentives is central to our goal of achieving an agile and thriving economy. 

As reflected in the response, the Government has already initiated reforms in line with the Productivity Commission’s recommendations. The Government’s FinTech statement – Backing Australia’s FinTech, the National Innovation and Science Agenda, the response to the Competition Policy Review (the Harper Review) and the response to the Financial System Inquiry highlight some of the work that is already underway. 

We will continue to help small and large businesses, entrepreneurs and innovators, job creators and job seekers because our success as a nation will be driven by people who have a great idea or identify an opportunity, and are prepared to take risks and have a go.