Businesses can look forward to less red tape as a state government prepares to axe half its regulators, but they shouldn't hold their breath for tax changes.
The plan, which could save businesses $500 million over five years, was launched as part of the Victorian government's economic growth statement on Tuesday.
Regulators would be reduced from 37 to at least 18 by 2030, leaving the state with the fewest watchdogs in the nation.
The changes would begin in the manufacturing and food sectors, the government said, but a roadmap for the plan won't be released until 2025.
"Regulation should be a guard rail, not a stop sign," Premier Jacinta Allan said.
The broader growth statement pledged to cut red tape and build workforce skills across the state, focusing on five priority sectors - advanced manufacturing and defence, health technologies and medical research, circular economy, digital technologies and agribusiness.
Start-ups and businesses scaling-up in any of the five sectors can apply for loans from a $20 million industry development fund, to launch in 2025.
The plan included a mentor program for up to 1000 small businesses in the priority fields.
The plan foreshadowed no changes to state tax arrangements.
The Business Council of Australia, which ranked Victoria as the worst state for businesses in a report last week, said the plan was a step in the right direction, but was disappointed by the lack of action on tax.
"Reducing the regulatory burden for businesses should be a priority, just as Victoria's comparatively high payroll tax rate should be reduced," council chief executive Bran Black said.
The government will establish a Premier's Business Council, a roundtable to be chaired by former Australia Post and Latitude Financial chief executive Ahmed Fahour.
Latitude is appealing a High Court ruling it and Harvey Normal misled consumers into taking on credit cards via promotions in 2020 and 2021, while Mr Fahour was at the helm.
Other council members include AFL boss Andrew Dillon, Visy chair and billionaire Andrew Pratt, NAB chief Andrew Irvine, Melbourne Lord Mayor Nick Reece and Tourism Australia chair Penny Fowler.
The economic statement was a "fraud" and the council sounded rushed, Opposition leader John Pesutto said.
"This is an effort by the Allan Labor government to co-opt respected business figures into the worst performing, most financially reckless government in Victoria's history," Mr Pesutto said.
Treasurer Tim Pallas defended the government's economic record as he prepares to table a state budget update in coming days.
"The Victorian economy has grown by 27.4 per cent over the last 10 years," Mr Pallas said.
The growth came at a cost, with Victoria's ballooning net debt projected to grow from $156.2 billion by June 30, 2025 ($3.3 billion higher than forecast) to $187.8 billion by mid-2028, according to Parliamentary Budget Office figures.
The Victorian Chamber of Commerce and Industry led an advisory committee that contributed to the economic growth statement, which chief executive Paul Guerra threw his weight behind.
