The Opposition Leader’s Speech to the National Press Club on 17th April 2007 proposes "an agenda which radically reduces the regulatory burden of Australian business that is currently stifling productivity growth."

The truth is business regulation is now right out of control. The
quantity and complexity of business regulation today is eating away at
the entrepreneurial spirit of Australian business. But while enterprise
is necessary to drive long-term economic growth, too much of our
business community’s time, effort and attention is being consumed by
glorified compliance agents on behalf of governments, both Federal and
State…

The Productivity Commission estimates that the cost of compliance with
business regulation is up to 4 per cent of GDP, or $40 billion dollars
per annum.

Rudd commits to 7 specific steps to reducing the regulatory burden, including "the setting of a national objective in partnership with the States and
Territories to harmonise key regulations imposed on businesses
operating across jurisdictions within five years of coming to office.
This includes occupational health and safety regulation, administration
of payroll tax, building codes, and trades and professional body
recognition."