Abbott asks industry to name regulations that need repealing

PRIME Minister Tony Abbott has urged business to give him more "kindling" for his bonfire of regulations, as the government prepares for its second repeal day this year.

Mr Abbott spoke to manufacturing and business heavyweights from the Australian Industry Group in Sydney on Friday about the plans.

He told them while his job was "to get out of the way", business had to recognise it had a responsibility to be "frank and fearless advocates of the policies our country needs".

In the wide-ranging address on his economic strategy, Mr Abbott said a "continual encroachment of regulation" in Australia was weakening the country.

"One area marked by a culture of delay, obfuscation and reluctance to say "yes" or "no" was the provision of environmental approvals," he said.

"The end result of clearer standards and more timely decision making is more investment, more construction, more trade and more jobs."

Mr Abbott said if the AIG had "more kindling for the next bonfire of red tape later this year, please let me know".

"To date, we have identified over 50,000 pages of regulation to go - saving hundreds of millions - but this is the low hanging fruit; it's the start, not the finish," he said.

His speech came as Treasurer Joe Hockey on Friday confirmed that all Commonwealth regulators had signed up to the government's "statement of expectations".

The regulators he said had officially confirmed they "will implement the government's de-regulation agenda".

Mr Hockey said that while it was "imperative that regulators act independently", the government expected all agencies to "take into account its broad policy framework".