Govt to reach $1b in red tape cuts

The federal government is set to reach its target of taking $1 billion a year in red tape off the back of business.

A package of bills will be introduced to parliament on October 22, ahead of the second "Repeal Day" on October 29.

The changes build on the estimated $700 million in cuts to red and green tape made earlier this year including the removal of about 10,000 pieces of legislation and regulations.

Parliamentary secretary Josh Frydenberg, who has responsibility for deregulation, told AAP the second round of reforms would take the total figure beyond $1 billion of savings.

Among the areas where regulation changes will be made are coastal shipping, corporations law, heavy vehicles and the 457 visa scheme.

There will also be expected savings in time and money for small business, farmers and the not-for-profit sector.

On Tuesday, the government announced it would allow products, systems and services which are already approved overseas under a trusted international standard or risk assessment to be accepted in Australia.

The move was immediately welcomed by the medical device and chemical industries, both of which will be able to use European standards.