NO.067

JOINT MEDIA RELEASE

TREASURER

&

MINISTER FOR INDUSTRY, TOURISM AND RESOURCES

PRODUCTIVITY COMMISSION STUDY OF CHEMICALS AND PLASTICS REGULATION

The Treasurer and Industry Minister, Ian Macfarlane, today announced that the Productivity Commission will undertake a study into the regulation of chemicals and plastics.

The study follows from the recommendations made by the Australian Government’s Taskforce on Reducing Regulatory Burdens on Business (Banks Taskforce).

The Treasurer and Minister Macfarlane said they hoped State Governments would take the opportunity to participate actively in the study.

The Productivity Commission will be asked to identify duplication and inconsistency of regulations within and across all levels of government in Australia. The Commission will examine the effect of these regulations on economic, public health and safety, occupational health and safety, and environmental outcomes. The Commission will also examine the efficiency of existing arrangements for security-sensitive ammonium nitrate.

The Commission is required to provide a final report within 12 months.

Ms Siobhan McKenna has been appointed to the Productivity Commission as an Associate Commissioner for this study.

The skills and experience of Ms McKenna make her highly suited to the task.

Ms McKenna is currently a partner at McKinsey and Company and is a member of the Advisory Board for the Australian Bureau of Meteorology and the Moderator of the Cranlana Colloquium. Ms McKenna has a long history of advising companies on the development of effective regulatory strategies in the healthcare, oil and gas, and telecommunications industries and has specific experience advising companies in the chemicals and plastics industry. Ms McKenna will be taking leave of absence from McKinsey and Company for the duration of the study.

Further information on the inquiry can be obtained from the Productivity Commission’s website at www.pc.gov.au or by contacting the Commission directly on 02 6240 3239.

MELBOURNE

26 July 2007

Contact:

Renae Stoikos – 0418 568 434 (Treasurer’s office)

Claire Wilkinson – 0419 840 452 (Minister Macfarlane’s office)