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

 


Quality regulation would make business more competitive

Media release
16 July 2014


Quality regulation would make business more competitive


Recommendations to improve the quality of regulation are important and should be heeded, says BusinessNZ.

The Productivity Commission’s Regulatory Institutions and Practices report highlights New Zealand’s tendency to create too many poor quality regulations.

Inferior regulation loads unnecessary costs on individuals and also on business, making it less competitive and making people poorer.

The report points out that regulatory failure contributed to disasters such as the global financial crisis, Pike River and leaky buildings.

“New Zealand is passing hundreds of laws and regulations every year,” BusinessNZ Chief Executive Phil O’Reilly said.

“But the machinery to manage this rapidly growing stock of regulation is lacking. We need better systems to get more simplicity, consistency and transparency.”

He said the Productivity Commission’s recommendations were highly pertinent.

The recommendations include requiring:

• a government plan for managing the stock of regulation
• a government plan for improving regulation quality
• more use of public ‘exposure’ drafts for Bills
• a review of the responsibilities of the Minister for Regulatory Management
• regulators to publish information on the information and principles informing their regulatory decisions
• government departments to publish their plans for keeping their regulatory regimes up to date

Mr O’Reilly said higher quality regulation would reduce the compliance burden on firms and enhance their competitiveness.


ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Half Full: Fonterra Raises Forecast Milk Price

Fonterra Co-operative Group Limited today increased its 2016/17 forecast Farmgate Milk Price by 50 cents to $4.75 per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions. More>>

ALSO:

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news