Regulation as a Business Opportunity

| August 29, 2008
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Regulation in Australia remains one of the most persistent battlegrounds between business and governments in trying to reduce the regulatory constraints on business performance. As industries struggle to comply with the increasing amount of red tape, many see regulation as a threat that reduces profitability, discourages investment and damages competitiveness.

A modern, complex 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 which 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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This month on Open Forum we are looking at Regulation as a Business Opportunity and Driver of Innovation. Which sectors of our economy would most benefit from an improved legislation framework? How serious is the Australian Government about regulatory reforms? What can your organisation contribute to the debate? What would an open and transparent regulatory system look like?

If compliance is part of your everyday life, share your experience with us. Your participation in a constructive dialogue between industry, government and the citizenry may make the difference between reforms which are an opportunity rather than a curse.

Regulation remains one of the most persistent battlegrounds between business and governments in Australia. We have to find a better way to keep things fair, whilst still managing to reduce the regulatory constraints on business performance. As industries struggle to comply with the increasing amount of red tape, many see regulation as a threat that reduces profitability, discourages investment and damages competitiveness.

Ragulation LogoOur 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. 

This month on Open Forum we are looking at Regulation as a Business Opportunity and Driver of Innovation.

  • Understanding the commercial environment from the perspectives of the regulator and the regulated. How different is the view?
  • Getting your ideas, what can your organisation contribute to the debate?
  • Asking, just how serious is the Australian Government about regulatory reforms?
  • Which sectors of our economy would most benefit from an improved legislation framework?
  • How can you maximise technology to help your businesses leverage their regulatory response?
  • Can Australia become a ‘regulatory pacesetter' in the global market through a more responsive, outcome-oriented and flexible regulatory regime?
  • What would an open and transparent regulatory system look like?

If compliance is part of your everyday life, share your experience and tell us about what you think. Your participation in a constructive dialogue between industry, government and the citizenry may make the difference between reforms which are an opportunity rather than a curse.

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2008 GAP CONGRESS ON REGULATORY AFFAIRS – FINAL REPORT

2008 GAP CONGRESS ON REGULATORY AFFAIRS – KEYNOTE PRESENTATIONS

RECOMMENDED REGULATORY BLOGS & FORUMS

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0 Comments

  1. Matthew Tukaki

    September 15, 2008 at 5:24 am

    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"]

    • vishalverma

      December 8, 2013 at 8:17 pm

      Role of real estate in business

      Nowadays, Real Estate is playing a crucial role in the boost of business. This is one of the best industries for business.

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