Addressing the Committee for Economic Development of Australia (CEDA), the PM highlighted key aspects of a five-year JobMaker plan that "charts the way forward for a new generation of economic success".
He said 15 major projects had been identified for fast-tracked approvals under a bilateral model between the Commonwealth, States and Territories, with around 66,000 direct and indirect jobs to be created.
"This investment, and most importantly these jobs, will be brought to market earlier by targeting a 50 percent reduction in Commonwealth assessment and approval times for major projects from an average of 3.5 years to 21 months," the PM said.
"This priority list includes the inland rail from Melbourne to Brisbane, the Marinus Link between Tasmania and Victoria, Olympic Dam extension in in South Australia, emergency town water projects in New South Wales, and road, rail and iron ore projects in Western Australia.
"Early examples of this approach are already paying dividends and are very encouraging. I commend the New South Wales government who we've been working with and we are on track to complete Commonwealth assessment and approval for the Snowy 2.0 project in under two years, unlocking over 2000 regional jobs."
The government also aims to cut approval times under the Environment Protection and Biodiversity Conservation (EPBC) Act 1999.
"According to departmental estimates, delays associated with these approvals alone cost the industry over $300 million just in 2019 – that's not good," Morrison said. "The Commonwealth has already taken steps to cut project approval times under the EPBC Act, and at the end of 2019 approval decisions took 90 days on average. Today they take 40; that is what we've achieved this year in 2020.
"Our goal is to cut these times by a further 25 percent by the end of this year, getting down to 30 [days] for major projects," he said, adding the National Cabinet has been working on how to streamline Commonwealth and State process for "point of single-touch" approvals.
In terms of new spending, the Prime Minister outlined $1.5 billion would go towards immediately starting small priority projects that have been identified by states and territories.
"As part of this package $1 billion will be allocated to priority projects, which are shovel-ready smaller projects – they're ready to go – with $500 million reserved specifically to target road safety works," he said.
"This is an important opportunity to make our roads safer across the country, not just in rural areas where it is critically important, but also in other parts of the country."
Once this support is finalised the government expects to have either brought forward or provided additional funding to some $9.3 billion in infrastructure investment in the past eight months, building a pipeline of future projects.
DEREGULATION
The PM also announced the Deregulation Taskforce established last year would be brought into his department of the Prime Minister and Cabinet as part of the JobMaker agenda.
"This [taskforce] has already included simplifying business registers, streamlining export documentation, and making it easier for a sole trader and micro business to employ people; in most cases their first-ever employee," he said.
"The next phase of the taskforce work will zero in on areas to assist COVID-19 economic recovery, so for example occupational licensing and registration requirements often vary across states and territories, which increases costs on businesses and workers who operate or move across Australia.
"Greater mutual recognition of qualifications and improved information flows between jurisdictions will be vital to allow Australians to take up to opportunities in the coming months."
Morrison added COVID-19 had shown the country's laws have not kept pace with digital technology when it comes to business communication.
"For example, by requiring businesses to use paper for storing information instead of using electronic delivery or adopting new technologies like blockchain; these laws too are ripe for modernisation.
"This crisis has shown what can be achieved when regulators are pragmatic and responsive, solving problems without compromising safeguards. Successful deregulation has increased competition and economic efficiency, raising productivity and ultimately supporting jobs and wages."
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Via Business News Australia