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Well-designed regulation can help lift economy: report
14/06/2012 - Well-designed regulation is a key to improving the nation's productivity and increased competitiveness, a new government report says.
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But poorly-designed regulation will hamper parts of the economy by diverting resources and energy from more productive uses in those areas.
The report - Streamlined, Effective, Productive: an annual update on the Australian government deregulation agenda - considers the regulatory review and reform measures of 2011 and 2012 aimed at improving regulations for business, the community, consumers and the environment.
"Regulatory reform is all about improving productivity, increasing competitiveness and boosting economic growth," Finance Minister Penny Wong said in a statement on Wednesday.
The report details the partnership between the commonwealth and the states and territories under a program involving 27 reforms due for completion by December 2013.
Other measures include recent federal regulation for more efficient inspection of meat exports, a proposed new standard definition of a flood for insurance and the development of new pollution standards for light vehicles.
But Australia could do more to improve the quality of rules and laws for business, the community, consumers and the environment, Senator Wong said.
Economy-wide, pro-competitive and sustained regulatory reform would assist structural adjustment, encourage entrepreneurship and increase market openness, she said.
The report noted figures from the Productivity Commission which showed 17 of the 27 major Commonwealth-state regulatory reforms could boost the nation's economic output by $6 billion a year.
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