A joint statement from the Prime Minister and New South Wales Premier says the state’s new ‘one-stop-shop’ arrangement for environmental approvals is a step closer, with the signing of the second Memorandum of Understanding (MoU).

The second MoU follows the endorsement of a similar setup by Queensland Premier Campbell Newman. The memorandum outlines the state and federal governments’ imperative to reduce the processes and regulations that stand in the way of more rapid development.

The statement claims that the Federal Government is on track to sign all states and territories to similar agreements within 12 months, intending to quickly dispose of ‘red and green tape’ for environmental approvals.

“A one-stop shop will eliminate duplication, deliver more timely approvals and enable Australian businesses to expedite their work. It will mean only one approval is needed, not two,” Prime Minister Tony Abbot said.

“The Productivity Commission has found that green tape could delay major projects... for up to a year, costing business and the economy hundreds of millions of dollars.

The Government says strict environmental standards will continue to apply, but the new structure will ensure faster decisions, more jobs and investment in NSW.

A formal agreement is expected within 12 months.