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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

 
 
 
 
 
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