Regulatory progress marked in New Zealand.
The Ministry for Regulation has reached a milestone, marking one year since its establishment. According to Minister David Seymour, the Ministry is making strides towards better law-making, increased productivity, and higher wages. The goal is to cut red tape and improve regulatory systems that have hindered economic growth.
Under the Ministry's leadership, several deregulation measures have been implemented. A regulatory sector review into Early Childhood Education has resulted in 15 recommendations aimed at reducing compliance costs and increasing provider numbers. In contrast, a second review of Agricultural and Horticultural Products led to all 16 recommendations being accepted by Cabinet, potentially saving up to $272 million.
The Ministry is also working on a third sector review for the hairdressing industry and has driven changes in regulations for Buy Now, Pay Later customers. Additionally, it has been triaging complaints through the 'Red-Tape Tipline' and alerting agencies to over 122 regulatory issues. The aim is to resolve these issues and create better interactions between regulators and the public.
The Ministry's work has been ongoing alongside its role as a central agency for regulation across the public sector. Minister Seymour emphasizes that bad regulation can have significant negative effects on New Zealand's economy and culture, but he remains optimistic about the progress made so far and the potential impact of the Regulatory Standards Bill in the years to come.