There has been a lot of talk about red tape and unnecessary paperwork in Australia lately - mainly regarding the negative effect on business.

Premier candidate Campbell Newman is campaigning on, among other things, a promise of deregulation. Announced yesterday (February 21 2012) in Brisbane, the Liberal National Party leader pledged to remove 20 per cent of red tape by 2018.

Mr Newman claimed that Queensland is the worst offender for excessive paperwork, drawing out agreements and affecting the rate of unemployment.

Treasurer Andrew Fraser countered that Newman's promises tallied at $5.5 billion, with no explanation of where the money will be coming from.

If the plan did come to fruition, red tape reduction would likely benefit property investment in the area by speeding up the hoop-jumping that often accompanies real estate purchases.

The Real Estate Institute of Queensland (REIQ) issued its response to the proposal as pleased but not yet convinced.

REIQ chief executive officer Anton Kardash said: "While we welcome any commitment to cutting red tape, there needs to be more to it than just politically-aware rhetoric."