Business, universities, and investors have jointly urged the federal government to commit to cutting the cost of red tape by 25% by 2030, in a submission for next month’s Economic Reform Roundtable.

The push to reduce regulation is in line with action by the EU and the United Kingdom’s Labour government, the submission says.

“Cutting red tape means faster home builds, quicker loan approvals, and lower prices at the checkout,” it says.

“For Australians, it’s the difference between waiting months or days for a service, and it ensures growth isn’t choked by unnecessary or outdated processes that haven’t kept up with the modern world.”

The need to push against red tape is highlighted in the recently-published book Abundance by Derek Thompson and Ezra Klein. The book has impressed Treasurer Jim Chalmers, who has urged his colleagues to read it.

The coalition of 27 groups includes small, medium and large businesses, universities and the investment community. The united approach is an attempt by business to avoid being divided and trapped at the roundtable, as business felt it was at the 2022 Jobs and Skills summit.

On taxation, the submission proposes a three-month review, supported by Treasury, the Productivity Commission, business representatives and other stakeholders to “kick start” comprehensive tax reform.

The exercise would be underpinned by principles that encouraged investment and economic growth.

Business has become concerned the roundtable could be a way of seeking support for tax increases rather than comprehensive tax reform.

The submission says tax reform and the trade offs involved, should not be pursued separately from measures to promote efficiency and spending restraint to “ensure government lives within its means”.

Tax reform should support the dynamism and productivity of Australian individuals and businesses", the submission says.

Revenue should be raised with the least possible cost to society, and there should be minimum distortions to work, savings and investment.

Among other proposals, the coalition urges a boost to investment and innovation by reforming the handling of R&D.

It says there should be a national strategy to boost Australia’s investment competitiveness.

The submission backs reforming the framework for environmental and planning approvals. It says there should be a “single, predictable, and transparent approval pathway that provides timely and certain decisions.”

“Our economic rule book is out of date. If we don’t fix it, not only will Australians struggle to get ahead in life, but future generations are at risk of missing out on the quality of life we enjoy today,” the joint group of industry associations says.