Australia is leading the way when it comes to business regulation reform, according to Parliamentary Secretary to the Treasurer Chris Pearce.

He says the latest “Doing Business” publication by the World Bank ranks Australia the eighth most business-friendly economy in the world. A similar survey in 2005 placed Australia ninth among the 175 economies considered.

This year’s research ranked Australia second in terms of the relative ease with which businesses can start up and third in terms of access to credit.

Mr Pearce says the publication shows the Government’s strategy for reducing red tape is having a positive effect.

“The improvement in Australia’s top 10 ranking by the World Bank is proof that the Federal Government’s initiatives are continuing to make a good system better.”

And the Government has committed itself to maintaining the momentum over the coming years. It is continuing to progress toward the Simpler Regulatory System bill and has announced plans to screen any new regulation for potential costs and benefits to business.