NZ Productivity Commission to look at regulatory regimes

Friday 12th July 2013

The Productivity Commission has New Zealand's regulatory regimes in its sights with the launch of an inquiry aiming to improve the design and operation of the nation's watchdogs and rule-makers.

Finance Minister Bill English and Regulatory Reform Minister John Banks want the commission look across the diversity of the country's regulatory system with a view to draw conclusions and recommendations to help future regimes and frameworks.

"The government is asking the commission to provide insights that will assist it to design and implement regulation that is clear about its intended purpose and how that purpose is best achieved," chairman Murray Sherwin said in a statement. "We will also be keen to understand what issues and challenges are faced by regulators, regulated parties and other important stakeholders."

This is the entity's sixth inquiry since it was set up in 2011 as part of an election deal between the National and Act parties, and modelled closely on its Australian counterpart.

The terms of reference seek recommendations to "improve the design of new regulatory regimes and make system-wide improvements to the operation of existing regulatory regimes in New Zealand."

The inquiry is expected to create an overview of regimes and their regulators and to better understand influences and incentives on the regimes.

"The commission should also specifically consider how improvements can be made to the monitoring of regulator performance across central government," the terms of reference said.

A final report is due to the ministers by the end of June next year.

BusinessDesk.co.nz

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