Businesses are increasingly hamstrung by red tape

Being a business owner is hard enough in the current global economic climate, but it seems that Australian entrepreneurs are having their lives made even more difficult by government red tape.

A new survey conducted by the Australian Chamber of Commerce and Industry (ACCI) has found that 44 per cent of the 870 companies surveyed spend between one and five hours a week complying with regulations.

While this does not seem like a big figure, the extra work is costing firms more than $10,000 over the course of the year.

Worryingly, 72 per cent of the respondents said the time they are spending on red tape has increased in the last two years.

The ACCI is understandably keen for these figures to be significantly reduced and it hopes that its latest survey will spark the authorities into action.

Recent statistics compiled by Roy Morgan Research showed that levels of corporate confidence fell in September, as more firms are concerned about the state of the economy.

This added sense of caution makes it even more important that companies with ambitions of expanding compare business loans so they can find a package that will not lumber them with too much debt.

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