With all due respect, this is a legal sinkhole. There are no guardrails. You compare us to G7 countries. The G7 countries actually use regulators to run these regulatory sandboxes that you refer to. They rely on limited waivers, no action letters, supervised testing plans, and no broad ministerial powers that you are asking for. It's not an apples to apples comparison.
On the topic of the business community, I have a letter signed by 43 organizations that have serious concerns with this. They say:
Ministers would have radically new discretionary power to decide when and how federal legislation applies, and to whom. But laws should apply equally to all, regardless of status, wealth, or power.
They insisted that the federal government withdraw this undemocratic section of the bill.