According to Dictionary.com, one of the meanings of the word 'ax' is...
'(informal) to dismiss, restrict, or destroy brutally'
(http://dictionary.reference.com/browse/ax?s=t)
Labor reforms should be accelerated so that the younger generation can find work, and regulations must be axed so that companies will be encouraged to make new investments.
I quoted this sentence from the newspaper article in the Korea JoongAng Daily, and I want to know if it is fine to use the phrase "be axed" in formal essay writing.