Not all regulation is bad

No one is against reducing red tape for business, so the government’s ‘repeal days’ idea is a welcome one. But an important reform that protects investors is the kind of red tape the financial industry would love to eliminate.

It is good news that the government is going to start having ‘repeal days’ twice a year to get rid of redundant regulations, as announced by the Parliamentary Secretary to the PM, Josh Frydenberg, in today’s Australian.

Apart from the specific laws that get repealed, the plan should help to introduce a new culture of regulatory rollback that encourages the states to do the same. That’s where many of the most costly regulations reside.

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