Both major parties should commit to appointing a Minister responsible and accountable for overseeing a reduction in federal government red tape burdens.

So far this election campaign the Labor Party has yet to explicitly commit to a deregulation or red tape minister, should it win the 2016 election.

Appointing a Minister for Cutting Red Tape would send a strong signal to the Australian community and international investors that the government recognises our red tape challenge, and is committed to ameliorating the problem at the highest levels of political office.

Government should consider implementing performance‑based remuneration for the Minister for Cutting Red Tape. This would incentivise the Minister to take the hard decisions for reducing unnecessary regulation.

This change would require reforms to the existing process of parliamentary remuneration, but similar proposals have been made in the past to link salaries and bonuses of senior public servants with actual achievement in cutting red tape.

Red tape is holding back the Australian economy, costing $176 billion every year (or 11 per cent of GDP) in foregone economic output, and is dampening entrepreneurship and stifling enterprise.

The next Australian Government must commit to initiatives cutting red tape to unleash prosperity. It should appoint a red tape reduction Minister with the potential for performance‑based remuneration.