The Treasury portfolio has the largest regulatory footprint of all Commonwealth portfolios, because its responsibilities cover such a wide range of areas and stakeholders. The portfolio's regulatory stock at the time the Government came to office has been estimated to have imposed around $47 billion in compliance costs on businesses, individuals and community organisations. This represents about three quarters of the total regulatory burden imposed by the Commonwealth.
While Treasury's regulatory responsibilities are broad, the cost of regulations associated with taxation, the financial sector, and competition and consumer policy account for the bulk of the portfolio's regulatory burden.
In 2014, the Treasury portfolio delivered a net reduction in regulatory burden of over $570 million. Key regulatory savings included $156 million from streamlining income tax returns using myTax, $67 million from improving Pay As You Go (PAYG) thresholds to reduce burdens on taxpayers and $10 million from the removal of the mining tax.
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