The Albanese government is planning to streamline environmental approvals for resource projects, abolishing 500 “nuisance” tariffs.

The abolition of the tariffs, covering a wide array of imports from toothbrushes to tools, is poised to alleviate the business sector from $30 million a year in compliance costs. 

Dr Chalmers says the government is targeting tariffs that, despite their minimal revenue generation and negligible protective benefits, impose substantial compliance burdens.

On the environmental front, the government's proposed reforms are aimed at a more efficient approvals process. 

A streamlined approach is also expected to facilitate the passage of amendments accelerating $2.4 billion in petroleum resource rent tax collections over four years, a crucial fiscal manoeuvre given the government's timeline constraints.

The Treasurer has reportedly been in dialogue with opposition figures, including Shadow Treasurer Angus Taylor and Senator Susan McDonald, to meet the Coalition's demands and ensure that current project applications remain unaffected by new approval processes. 

The Treasurer is also set to enhance environmental risk identification and accelerate project approvals, with a particular focus on offshore oil and gas storage regulatory approvals. 

This move not only aims to streamline consultation requirements but also to ensure more effective and targeted regulatory guidance.

Beyond environmental and tariff reforms, the government is planning to introduce a financial sector regulatory initiatives grid and revise merger rules. 

These changes are designed to expedite low-risk mergers, improve regulatory transparency, and address issues related to creeping acquisitions and overly permissive current laws. 

The reforms allegedly aim to reduce business costs, foster competition, protect consumers, and shorten approval times in alignment with international standards.