Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Fresh look at regulatory frameworks

Media release

14 February 2006

Fresh look at regulatory frameworks

Business will be watching closely to see what’s involved in the ‘fresh look at regulatory frameworks’ promised in the Prime Minister’s speech today.

Business NZ Chief Executive Phil O’Reilly says if the review recognises the power of voluntary compliance in the first instance and uses regulation only where absolutely necessary, then it could be extremely good news for the business environment.

“But if it simply signals an intention to regulate certain sectors more heavily, then we will all be worse off.”

Mr O’Reilly said the most recent example of government regulation - in the energy sector, where Electricity Commission and Commerce Commission regulations have created confusion and uncertainty - was not encouraging.

“The regulatory model here has not been hugely successful in getting certainty about the investment so badly needed in the national grid.

“The only sector mentioned in today’s speech was telecommunications - which raises concerns that there may be an intention to regulate to force Telecom to hand over its assets to competitors.

“One of the first principles of good government is that people or companies should not have their property confiscated. Hopefully this principle will be respected in the fresh look at regulatory frameworks.

“New Zealand’s use of light handed regulation - that respects property rights and individuals’ voluntary compliance - is admired internationally. We have a great opportunity to build further on that tradition in any review of regulations.”


© Scoop Media

Business Headlines | Sci-Tech Headlines


ScoopPro: Helping PR Professionals Get More Out Of Scoop has been a fixture of New Zealand’s news and Public Relations infrastructure for over 18 years. However, without the financial assistance of those using Scoop in a professional context in key sectors such as Public Relations and media, Scoop will not be able to continue this service... More>>

Insurance: 2017 Worst Year On Record For Weather-Related Losses

The Insurance Council of New Zealand (ICNZ) announced today that 2017 has been the most expensive year on record for weather-related losses, with a total insured-losses value of more than $242 million. More>>


Crown Accounts: Govt Books In Line With Forecasts

The Government’s financial statements for the four months to 31 October indicate the books are tracking along with Treasury’s Budget forecasts, Finance Minister Grant Robertson says. More>>


Expert Reaction: Ross Sea Region Marine Protected Area In Force

Sweeping new protections for Antarctica's Ross Sea will come into effect on Friday 1 December. After five years of debate, the marine protected area (MPA) was agreed in 2016 after a joint proposal by New Zealand and the United States... More>>