With widely-acknowledged shortcomings for both nature protection and business certainty, the Environment Protection and Biodiversity Conservation Act was a key talking point at least week's federal economic summit.
Environment Minister Murray Watt has promised to shave at least six months off the reform timeline in response.
Draft legislation is expected to appear in parliament by the end of 2025 rather than mid-2026.
"I have consistently heard that we need to move quickly to reform these laws, as delays mean holding up investment and more environmental destruction," Senator Watt said.
"It was clear from last week's roundtable that there is very strong support - across business, environment and community representatives - for serious and urgent reform to deliver stronger environmental protections, faster and simpler project approvals and greater transparency in environmental regulation."
The federal government has long been committed to reform but Labor failed to complete the task in its first three-year term.
Senator Watt's predecessor, Tanya Plibersek, almost secured a deal with the crossbench for a federal environmental protection agency - part of the broader reforms - but it ultimately fell over.
Senator Watt confirmed the fast-tracked reforms would include setting up a federal Environmental Protection Agency, though the exact model will be devised following further consultation.
New environmental standards, a core ask of the now five-year-old Samuel review that declared current legislation ineffective and outdated, will still go ahead.
The laws are designed to kick in when mining proposals, building plans and other development threatens "matters of national environmental significance".
Its role in the stymied progress of the clean energy transition has been criticised and is understood to be contributing to lengthy project delays.
In May, conservation groups and the clean energy industry signed a joint letter urging the federal government to hurry its reforms to pave the way for "faster yeses and faster nos".