The Victorian Government has allocated $40 million towards the Regulation Reform Incentive Fund and $10 million to the Business Acceleration Fund.

The Regulation Reform Incentive Fund aims to speed up approvals and simplifying processes, delivering up to $200 million in annual ongoing benefits when fully delivered.

The Business Acceleration Fund supports Victorian businesses to streamline operations and allows for easier and more efficient opening for new businesses.

The headline reform is the digitisation of manual processes through Service Victoria, speeding up permit applications and verification of documents for digitisation and automation of liquor licensing, building permits, meat and seafood licensing.

Flow-on benefits to industries across the state include an estimated time saving of 287,000 days each year through more than 290,000 faster and easier approvals.

The announcement follows the release of the Victorian Chamber's 'Cost and ease of doing business in Victoria' report in January. The report found that Victoria was the hardest state in Australia to do business, with nearly 40 per cent of businesses surveyed saying time was a bigger cost than money.

Victorian Chamber of Commerce Paul Guerra welcomed the announcement, outlining the benefits for business.

“We know the digitisation of applications and approvals through Services Victoria will save businesses valuable time, and this will reduce a significant impost for Victorian businesses,” Mr Guerra said.

“We will continue to work with the State Government to develop initiatives like this one that enable business, grow business and ease the cost of doing business.”

Examples of streamlined processes includes:

• Faster access to government services including getting a birth certificate, with Service Victoria expediting the identity process
• Online interactive forms to replace paper-based registration processes for building practitioners – benefiting 1,800 builders per year
• Hospitality businesses across the state will access a new digital system delivered through Service Victoria streamlining annual liquor licence renewals for 25,000 businesses
• The meat and seafood industry will also have licences transferred to the Service Victoria platform.

The Victorian Government said it was working with more than 16 local councils to deliver the streamlined applications and faster approvals for businesses, with more to come.

Minister for Regulatory Reform Danny Pearson said: “Everyday tasks like renewing licences and registration should be quick and easy – and that’s exactly what Victorian businesses will get with these reforms.

“We’re cutting red tape and boosting our online services to save time and money for Victorian businesses – because it’s good for business bottom lines and it’s good for jobs.”

A full list of the regulatory reform initiatives is available here.