At the First 5000 launch held at NSW Parliament House on 20 October 2010, Carl Harman, Academy Dean for Leadership at the National Australia Bank spoke about why NAB became involved with the initiative.

Considering the full spectrum of regulatory instruments and applying them to risks appropriately is at the core of making better regulation choices.

On 26 September Dr Ian Watt AO presented these ideas at the GAP Congress on Regulatory Affairs: "Opportunities for Business",  held in Parliament House of Victoria.

We are here today to discuss more effective ways for governments to interact with business and the community to help improve government regulation. I want to spend my time talking about how a method of consultation termed "Second Track" might and might not contribute to that process.

In working this through, I want to raise four main issues for your consideration.

First, what do I think are "Second Track" processes, and how do they work?

Second, why would this interest the Commonwealth Government's Department of Finance and Deregulation?

Third, can "Second Track" processes really improve regulation?

And, fourth, what rules of engagement are worth considering for "Second Track" initiatives? When might "Second Track" initiatives work, and when are they unlikely to work?

I take Peter Fritz's invitation to speak on a "Second Track" to policy development and regulation as a chance to step aside from the normal track - pun not intended - that we take in Government, so that we can look for other and, presumably, more effective ways, for Government to help improve regulation through consultation.