New reforms have been announced to save small builders up to $42.6 million a year in Victoria.

The Victorian Government aims to make it easier for owners to understand and meet regulatory obligations.

The reforms will help regulators interact better through Small Business Engagement Charters, develop clearer and targeted regulatory information for small business and prevent them from wasting time filling in duplicated information in government forms through an online profile tool.

Small builders are expected to save at least $21.3 million per year once fully implemented.

Regulators may also benefit from the reforms, which are expected to encourage better compliance and increased regulatory knowledge among small businesses.

Related stories:

The reforms are based on the Victorian Government’s Small Business Regulation Review of the construction industry.

There are more than 304,500 jobs in Victoria’s construction sector, which generated $32.5 billion for the state’s economy in 2017-18.

Victorian Small Business Minister, Adem Somyurek, said the State Government was continuing to reduce red tape by addressing areas of regulation that unnecessarily hold back small construction businesses.

“The reforms will make it easier for these small businesses to comply with critical safety and licensing requirements that’re in place for workers and the community,” Somyurek said.

“The reforms are the result of extensive consultation with small businesses, regulators and policy makers – reflecting our commitment to listen and engage with stakeholders at all levels.”