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Regulatory Bill opportunity to make a difference

MEDIA RELEASE 7 May 2008

Regulatory Responsibility Bill opportunity to make a difference

Ensuring that laws and regulations are necessary, cost-effective and in the public interest is a goal worth working for, according to the Institute of Chartered Accountants' director government relations, Steven Bailey.

"We congratulate parliament's Commerce Committee on its work examining options for a Regulatory Responsibility Bill." Mr Bailey said today. "We have been impressed with the Committee's thorough examination of the bill.and welcomed the opportunity to comment on what design features will best help achieve the objective of the bill".

Mr Bailey said that, at the moment, regulation-making in New Zealand is characterised by weak administrative quality standards and formalities, poor monitoring, and ineffectual oversight and enforcement. The Bill will strengthen the statutory framework for regulation making in New Zealand and, properly designed, will improve the quality of regulation, and accountability for such interventions.

"It is crucial that the law-making architecture in New Zealand produces the highest quality interventions that best promote the well-being of New Zealanders. The Bill will raise the bar on the standard of policy analysis. Put simply, the proposed regulatory responsibility legislation offers much scope for more efficient and effective government."

Mr Bailey said that the Regulatory Responsibility Bill is equal in importance to New Zealand's other economic constitutions, the Reserve Bank Act and the Fiscal Responsibility Act (now part of the Public Finance Act). Like these, it will impose certain constraints, but will also through greater transparency and scrutiny allow better decisions. For this reason, it deserves more careful analysis and perhaps further work before the Committee deliberates.

ENDS

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