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New Regulatory Act opportunity to be world leader

Please find below our comment on the proposed Regulatory Responsibility Act.

For immediate release
29 October 2009

Media Release: New Regulatory Act opportunity to be world leader

“An opportunity for New Zealand to be a world leader in the development of effective laws and regulation”, is how the New Zealand Institute of Chartered Accountants Chief Executive Terry McLaughlin views today’s announcements of the proposed options for a Regulatory Responsibility Act.

“We have long argued for a Regulatory Responsibility Act. The Regulatory Responsibility Taskforce recommendations are thoughtful and innovative.”

“The notion of such an Act is equal in importance with New Zealand’s other economic constitutions, the Reserve Bank Act and the Fiscal Responsibility Act (now part of the Public Finance Act). We urge the Government to proceed in considering and implementing these proposals.”

“Every day, individuals and businesses are affected by regulation in a myriad of ways. It is, therefore, critical that the processes, formalities and disciplines for making regulation are robust. This reduces errors and provides assurance to decision-makers, and society as a whole, that government interventions are necessary, cost-effective and in the public interest.”

“We congratulate the Regulatory Responsibility Taskforce in developing workable options for an Act. These recommendations strengthen the statutory framework for law making in New Zealand and, if properly implemented, will improve the quality of regulation, and accountability for such decisions”.

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“The Taskforce recommendations are also timely. New Zealand can no longer afford the regulatory excesses of the past. A Regulatory Responsibility Act potentially provides a counter-weight to the impulse to over-regulate, as we have seen in recent years.”

“Damaging costs are incurred by society where regulation is poorly conceived and misses the mark. Regulation can shackle businesses with burdensome compliance costs, create significant distortions and barriers to resources flowing to where they are valued most. It can also dampen much needed innovation, investment and entrepreneurial activity and be detrimental to our economic performance and our overall standard of living.”

“The recommendations proposed by the Taskforce will raise the bar on the standard of policy analysis. They offer much scope for more efficient and effective government and ultimately, ensuring the well-being of New Zealanders”, said Mr McLaughlin.

ENDS

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