Business happy about plan to cut red tape BUSINESS groups have applauded the federal opposition's commitment to slashing red tape to boost productivity. But the government says it's just a re-hash of announcements made two years ago. Opposition Leader Tony Abbott said on Monday a coalition government would cut red and green tape burden on business by $1 billion a year, resulting in a more efficient government and more productive businesses. Measures include repealing the carbon and mining taxes and establishing a "one stop shop" for environmental approvals. Finance and Deregulation Minister Penny Wong dismissed it as nothing more than "a random figure, a slogan, some rhetoric and no real detail." Mr Abbott's plan comes as the government tries to reconnect with business to help smooth the transition from fading mining investment to broader-based economic growth. Business Council of Australia Chief Executive Jennifer Westacott said the opposition offered a number of pragmatic and sensible proposals to reduce business costs. "The coalition's proposed approach to regulation illustrates a strong understanding of the importance of good regulation to Australia's productivity performance," she said in a statement. 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. While business confidence continues to improve, it has yet to translate into better trading conditions for many firms. However, expectations for the September quarter rose to 53.9 points from 51.6 points. ACCI Chief Economist Greg Evans doubts these expectations will be met in the next three months amid concerns over international conditions, particularly about the strength of the Chinese economy, volatile currencies, and now uncertainty surrounding the election date. "This transition in the economy is far from automatic, it's far from locked in," Mr Evans told reporters in Canberra. He was disappointed the Reserve Bank of Australia did not change the cash rate last week from its all-time low of 2.75 per cent. But he believes there is a real chance of a cut in August. Other data compiled by the ANZ showed job advertisements fell 1.8 per cent in June, the fourth consecutive monthly decline. ANZ Chief Economist Ivan Colhoun said downward trends in job ads had been reliable indicators of lower interest rates and rising unemployment. He expects Thursday's labour force data for June to show unemployment ticking up from 5.5 per cent to 5.6 per cent, and for it to drift higher towards six per cent over the next 6-12 months.