Business Council of Australia CEO Jennifer Westacott said: “The BCA has for many years highlighted how poor and unnecessary regulation imposes a dead weight on business activity and investment and undermines the capacity of business to stay competitive and hire more people.

“In particular, it is very encouraging that the Coalition has understood and recognised the need for a systematic, whole-of-government approach to reducing the regulatory burden. It has also recognised the importance of reducing regulatory uncertainty for business confidence.

“The Coalition’s proposal to establish a one-stop shop for environmental approvals is particularly welcome and is something that the BCA has been calling for to reduce the heavy costs of major project approvals while maintaining environmental protection.”

The BCA also called for improved accountability of the regulators.

"Those who administer regulation have to have the right incentives to balance risks with the costs imposed, and should also have the flexibility to discharge their responsibilities in the most cost effective way," Westacott said.

Ai Group CEO Innes Willox also welcomed Abbott's call to cut red tape.

He said: "The commitment to introduce more rigorous Regulatory Impact Statements including explicit cost benefit analysis before imposing new regulatory requirements, are major positives not just for Australia's businesses but also for employees and consumers who can expect to benefit from a boost to productivity and business performance."

He also welcomed Abbott's commitment to give a greater focus within COAG on reducing regulatory obligations, labelling it a major step forward.

"The extent of duplication between the various jurisdictions under current arrangements is a major source of frustration particularly in the area of environmental regulation."

The Plastics and Chemical Industries Association (PACIA) welcomed Abbott’s commitment.

The chemicals and plastics industry recently released a strategic roadmap for the industry and a key component of the Roadmap is the reform of regulation.

"The chemicals and plastics industry was identified as a 'hotspot' for reform by COAG as long ago as February 2006. Although COAG agreed to implement regulation and competition reforms suggested by the Productivity Commission in 2008, some five years later, industry is still waiting for most of those reforms to be delivered,” said PACIA CEO Margaret Donnan.

The Australian Chamber of Commerce and Industry's (ACCI) latest survey of investor confidence showed business taxes and government charges remained the number one restraint on investment for a fifth straight quarter.

The business conditions index declined to 48.4 points in the June quarter from 49.4 points in the previous three months. This was below the 50 point mark that separates contraction from expansion in the sector. However, expectations for the September quarter rose to 53.9 points from 51.6 points.

Finally, WA-based Conservation Council CEO Piers Verstegen is concerned about the idea of a one-stop shop.

"We think it would place WA's environment at even greater risk and in particular place greater pressure on our threatened species and our iconic places," he said.

Verstegen says safeguards introduced by the Howard government were not perfect, but provided checks and balances on state approvals.