National Australia Bank (NAB) has today welcomed the Federal Government’s ‘Repeal Day’, which will cut the red tape imposed on Australian business.

“As Australia’s largest business bank, NAB recognises the immediate productivity benefits ‘Repeal Day’ will deliver, particularly to small business,” said NAB Group Executive, Business Bank, Joseph Healy.

“Small businesses are the lifeblood of the Australian economy. They employ nearly half of the Australian workforce and account for nearly three in ten dollars earned by all Australian businesses.

“But small business owners consistently cite regulatory burden as a major impediment, according to the NAB Quarterly SME survey.

“There has been an under-appreciation of the costs and complexity of compliance to small businesses, which do not have the resources to deal with red tape.

“This is time and money which, with less red tape, can be invested in innovation and job creation – and building Australia’s future.

“NAB has led the industry in making banking fairer and simpler for our business customers. As part of our Fair Value agenda, we abolished some of the most annoying fees for business, including dishonour fees, periodical payment deferral fees and cash handling fees for over the counter deposits and withdrawals, benefiting almost 500,000 account holders,” he said.