The Coalition's 'policy to boost productivity and reduce regulation' signals welcomed cultural change in future policy setting and reduced regulatory burden; however, the proof will lie in its implementation, says the Institute of Public Accountants (IPA).

"The proposed policy from the Coalition rings the right bells but we have experienced a number of good proposals from past government reviews; what has been lacking is follow-through with implementation and the accountability to make it happen," said IPA chief executive officer, Andrew Conway.

"It is good to see the acknowledgement that regulatory burden is indeed 'strangling Australia's economic prosperity'.

"What is particularly pleasing is the strengthening of the process around Regulation Impact Statements which the IPA has long advocated for.

"It is vital to understand the ramifications that regulatory compliance has on business, particularly small business, before they are just simply imposed.

"Australia's small business sector is currently drowning in a sinking raft of regulatory burden so a thorough and more rigorous cost-benefit analysis through the Regulation Impact Statement is a step in the right direction.

"We are hopeful that moving the Office of Best Practice Regulation into the Department of Prime Minister and Cabinet will assist in changing the cultural thinking of government and enforcing accountability.

"The IPA also commends the notion of moving the burden of paid parental leave away from employers to a centralised administration by the Commonwealth Government's Family Assistance Office.  The IPA has been a long time advocate of this approach.

"We look forward to more detail as to how the Coalition will implement its deregulation initiatives," said Mr Conway.