To foster better regulation the first thing we need to do is to change our attitude.  

For a long time, there has been a prevailing attitude in the business community that regulation is an impediment to business, and that we must press forward with deregulation.

I believe this deregulatory approach, which focuses on throwing out as many of the old rules as possible, is a retrograde step.  

Despite all the rhetoric about it, very few people genuinely support the idea of blanket deregulation. Instead, we think it would be nice to keep the laws which protect us, and throw out the ones which restrict or punish us. Unfortunately, everybody else feels exactly the same way.

This demonstrates precisely why regulation is important: to keep self-interest in check.

It's common sense that a sound regulatory system upholds and supports the interests of the community. Business needs to realise that this in turn raises the standards in our marketplaces by fostering efficiency and innovation. Whilst it's true that too much or inappropriate regulation can have a negative direct effect, too little is likely to have a far more destructive influence.

Instead of characterising regulation in terms of higher taxes and fewer freedoms we urgently need to get over our gut reactions and adopt a more mature mindset. We need to appreciate the security and infrastructure regulation provides for us to operate within.

If someone takes the time to find your number and approach you with an idea or proposal, the very least you can to is return their call.

Earlier in the week I had the pleasure of addressing a group of students graduating from Electronic Engineering faculty at the University of Technology Sydney.

Of course I congratulated them on the achievements, and gave them a message of support for the future careers, but I also took the opportunity to warn them against the poison of hubris.

Whilst life is a personal experience, one does it in company, and if one is to succeed, one should be mindful of one's travelling companions. To me that meant - to be respectful of others, to recognise the contribution that others make and everyone's right to participate.

A World Economic Forum report predicts multinational corporations and individuals will exercise more power than governments by 2030...  

Government bureaucracies have been the main mechanism for supporting government since the late 18th Century and the French Revolution. By virtue of their gatekeeper position between decision makers and the community, public service agencies have wielded significant power in advising government on the development and implementation of policies and services.

Consultation with business, NGOs and citizens has always played a part in developing government initiatives, but the decisions about whether and how to involve the community have been ad hoc, and the bureaucratic hierarchy involved can sometimes make the whole process cumbersome and slow.

Since the early 1990s, the environment in which the government must respond to change has been transformed by the rapid development of the Internet and the accelerating pace of globalisation. Many activities to meet community needs, which were once only within the ambit or capacity of government, have now moved into the domain of people and in many ways have become self-regulatory.

There is often confusion over the terms "creative thinking" and "innovation". Many view them as one and the same, but in reality they are very different. One means ideas, the other means action.

The term "innovation" on its own can offer several possible meanings. Innovation has to be about output - the act of doing something, either to improve an existing product or process, or invent something entirely new. The "laziness test" is an effective way of identifying good innovation - does it make my life simpler, easier? Does the product that has been through the innovation process perform in more efficient ways for me?

I view innovation and innovation policy as more than focusing on new ideas. An idea is not enough to qualify as innovation. It is about outcomes and providing the means to experiment with new concepts. Innovation is not an aim in itself, but a tool to achieve what the market is looking for in terms of constant improvement.