Media release: Think tank calls for better regulation
Wellington (24 September 2015): Central government has been presented with a list of regulations which pose an undue burden on the economy.
Reducing Unnecessary Regulatory Costs was compiled by members of The New Zealand Initiative. It followed an open invitation from Prime Minister John Key to the Initiative’s members earlier this year to identify problems and weaknesses in New Zealand’s regulatory system.
Dr Oliver Hartwich, Executive Director of the Initiative, commented on the document: “It is rare for a think tank to produce a report written by its members rather than its staff, but our ability to do so underlines the Initiative’s position as an independent and business-supported think tank. It also shows our members’ commitment to policy development.”
The Initiative acted as a facilitator in this process and provided general commentary on regulatory practice.
Dr Bryce Wilkinson, Senior Fellow at the Initiative who compiled the report, said: “There is a need for more rigorous regulatory evaluations. High quality cost-benefit analyses and respect for private property rights should inform all regulatory assessments.”
“We should expect any new regulation to be routinely subjected to a competent cost benefit analysis”, said Dr Hartwich. “Without cost benefit tests, government and its agencies are flying blind. It is better to do these tests before new rules are enacted, rather than dealing with costly regulatory mistakes later on.”
“This week’s report from the Rules Reduction Taskforce also emphasised the importance of rigorous cost-benefit analysis prior to setting regulations and encouraged the active review of existing regulations to ensure they continue to be fit for purpose. As our report illustrates, these measures are of fundamental importance.”
ENDS
Dr Bryce Wilkinson is available for comment.
About The New Zealand Initiative
The New Zealand Initiative is an evidence-based think tank and research institute, which is supported by a membership organisation that counts some of the country’s leading visionaries, business leaders and political thinkers among its ranks.
Our members are committed to developing policies to make New Zealand a better country for all its citizens. We believe all New Zealanders deserve a world-class education system, affordable housing, a healthy environment, sound public finances and a stable currency.
The New Zealand Initiative pursues this goal by participating in public life, and making a contribution to public discussions.
For more information visit www.nzinitiative.org.nz