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Wholesale regulatory reduction to get economy moving

A National Government will make wholesale regulatory reduction to reduce cost and compliance on businesses and help get the country moving again, National’s Economic Development spokesperson Todd McClay says.

“New Zealanders and their business are struggling under the weight of poor regulation and mounting costs. National understands how hard it’s become for the average Kiwi household and Kiwi business and we will focus on reducing the cost of regulation for hardworking New Zealanders.

“One of the most common things I get feedback about when I’m out and about is how the Anti-Money Laundering legislation is applied. It was introduced so New Zealand was compliant with international obligations and to protect our interests against illegitimate money laundering.

“The reality is the legislation has influenced how New Zealanders do business which has resulted in more costs. To fix this, National will be providing guidance to industry via a National Policy Statement. This means the law will be interpreted how it’s meant to be, in a less costly manner.

“Health and safety is important and National will not compromise the safety of New Zealanders.

“However, we are conscious the existing health and safety regulations go too far in some places without making people safer and burden businesses with added cost for no benefit.

“Put simply, the health and safety regulations need more common sense from the rule makers. That’s why we’ll implement a ‘common sense test’ which makes sure the benefits of each regulation outweighs the costs, makes health and safety regulations easier to implement and ensures that we have better regulation not just more regulation.

“Only National understands the burdens that are being placed on households and businesses by excessive red tape. We will ensure families have more money in their pockets, we will lower costs and ensure red tape isn’t stopping progress.”

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