Business Reforms in Australia
= Doing Business reform making it easier to do business. = Change making it more difficult to do business.
Getting Credit: Australia improved its credit information system through the Privacy Amendment (Enhancing Privacy Protection) Act 2012, which permits credit bureaus to collect account payment history with improved privacy protection.
Getting Credit: Australia strengthened its secured transactions system by adopting a new national legal regime governing the enforceability of security interests in personal property and implementing a unified collateral registry.
Resolving Insolvency: Australia clarified the priority of claims of unsecured creditors over all shareholders’ claims and introduced further regulation of the profession of insolvency practitioners.
Labor Market Regulation: Australia introduced the severance payment obligation and reemployment consideration applicable in cases of redundancy dismissals. Annual leave was increased and averaging of hours is now allowed in shorter periods of time. In addition, notice period applicable in case of redundancy dismissals was decreased.
Dealing with Construction Permits: Australia reduced the time needed for dealing with construction permits by streamlining procedures.
Paying Taxes: Australia made paying taxes easier for companies by abolishing the stamp duty on contracts.
Starting a Business: Australia made starting a business less costly by cutting the registration fee for new businesses by half.