The Minister for Finance and Deregulation, the Hon. Lindsay Tanner MP, announced today that the Rudd Labor Government has invited the Organisation for Economic Co-operation and Development (OECD) to conduct a review of Australia's current processes and settings for regulation making and review. Building on the Government's ambitious deregulation agenda, the Regulatory Review offers an opportunity to further improve the quality of Australian regulation. Better regulation helps build the nation's productive capacity and create a stronger economy.
www.financeminister.gov.au
The new book by Robert Reich, Professor of Public Policy at the University of California at Berkeley, former Secretary of Labor under the Clinton Administration and winner of the Vaclav Havel Foundation prize for pioneering work in economic and social thought
This paper, released in May 2008, describes the Better Business Regulation framework developed by Consumer Affairs Victoria and the Department of Justice with an aim to improve regulatory quality.
www.consumer.vic.gov.au
This document outlines how ASIC can play its part in achieving better regulation and invites comments from the community.
www.asic.gov.au
This site seeks feedback from public, private and not-for-profit organisations and citizens and provides a table indicating whether their ideas and suggestions are taken forward.
www.betterregulation.gov.uk
The Guide provides details on how to apply the seven better regulation principles to meet the NSW Government's commitment to cut red tape, outlines the roles of the Minister for Regulatory Reform and the Better Regulation Office, and the new ‘gatekeeping' processes to help stop the creation of red tape.
www.betterregulation.nsw.gov.au
Our society, however, cannot exist without an effective regulatory system. A smart and proactive position towards regulation can help businesses engage with government and move the regulatory debate in a direction that would be more beneficial to their own operations. Rather than struggling against new legislation, businesses should be looking for opportunities to use it to their advantage. 
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Regulation as a Business Opportunity
Let's take a look at some of the questions asked by the OpenForum on this topic:
Getting your ideas, what can your organisation contribute to the debate?Organisations need to understand that reform and deregulation have impacts and not just benefits. They need to ensure that through debate the benefits outweigh the negative impacts. Too often organisations contribute to the debate from one perspective and, more often than not they forget the workforce and society who ultimately are responsible for the manufacture and purchase of the good, service or product. Regulation and de-regulation are about finding a happy medium.
Which sectors of our economy would most benefit from an improved legislation framework? If you were to listen to consumers then the demand would be for a tighter legislative framework when it comes to price controls for food and petrol. The problem is, by introducing forms of price control you begin to place restrictions on the economy. This then has a run on effect in terms of investment and trade. From a business perspective there could be improved legislative frameworks surrounding the governance of both private and public companies including strengthening of the rules that govern company director liabilities.
How can you maximise technology to help your businesses leverage their regulatory response? Technology is not an answer to improving the regulatory response process - having people who understand compliance and the legislative framework is important. For example, the new Childcare Management framework allows data to be sent electronically when it comes to compliance of child placements at an individual childcare facility - however, unless you clearly understand the purpose of the data collection then the input will not be of value. The path to Rome is paved with the bodies of Software sales rep's who say technology is the answer to improving regulatory responses.
Can Australia become a ‘regulatory pacesetter' in the global market through a more responsive, outcome-oriented and flexible regulatory regime? The reason I put forward the New Zealand example [see Matthew's blog here] is because that country led the world in reform. To a large degree Australia has followed, and in the case of the energy sector in NSW, still has a long way to go. The true nature of a reformist is we never stop reforming. Unfortunately reform and regulation is like change management. Some people benefit and some people don't. Reform and regulation were things we needed to do because of an impact so sever we were forced to take action, we were forced to take the great leap. In New Zealand's case it was the brink of insolvency.
In Australia's case it is climate change. Australia has the opportunity to stop following and start leading. Now is a time for tough decisions on both sides of politics. Poling has showed Australian's are ready to make the change, they understand they need to make the change. The question is, can we put politics to one side and get on with the job of regulatory reform, implementation and change.
For Governments, Oppositions, policy analysts and reform junkies, like myself, you must always ensure that the people are ready to go with you. As the agenda drivers you need to ensure you understand that the people will arrive at that point - your job is to make sure you know when it is they arrive.
[See also my blog post "The lesson history affords us when looking at regulation"]