There is rightful role for regulation in the economy, and effective regulatory institutions are one of the cornerstones of an effective market-based economy.
Regulation that is in the public interest can help to clarify the rules of the game, increasing certainty and reducing barriers to investment and expansion for business. It also helps protect the community including ensuring that risks to health, safety and the environment are appropriately managed.
However, poorly designed and administered regulation imposes significant costs on the community in terms of less consumer choice, higher prices, lower wages and reduced job creation.
Poor regulation adds to business cost and can reduce the competitiveness and limit the capacity for companies to adjust to changing circumstances.
The BCA’s publication on regulation, Policy Essentials: Standards for Rule Making, outlines the principles of a high-performing regulatory system, and 30 standards to improve the quality of regulation making in Australia.
BCA Secretariat contact: Jarrod Ball, Director Policy