“The government’s Regulator Performance Framework will create a stronger alignment between regulator conduct and national goals to grow the economy, according to Business Council of Australia Chief Executive Jennifer Westacott.

“The framework requires regulators to report against key performance indicators, and provides a powerful incentive to lift efficiency, effectiveness and transparency,” said Ms Westacott.

“While in many areas Australian regulators perform well by international standards, there are clear opportunities for improvement.

“It is widely acknowledged that poorly designed and administered red tape is bad for business and bad for the economy.

“Poor performance by regulators, including long and costly decision making processes and overly aggressive enforcement practices, can undermine the capacity of businesses to invest, grow and create jobs.

“It delays critical transactions and places an excessive burden on businesses working to stay competitive in a vastly more competitive global environment.

“The quality of decision making, timeliness and transparency on the part of regulators must keep up with the complexity and speed of commercial activity in the modern economy.”

Ms Westacott said that the Competition Policy Review Panel has recommended the ACCC review its guidelines on section 155 notices to take account of the increasing burden imposed by notices in the digital age.

“The BCA has consistently argued for the performance and accountability framework for regulators to be strengthened to reflect international best practice, including: annual ‘Statements of Accountability’, public targets on reducing regulatory burden and adhering to a risk-based approach to compliance and enforcement activities.

“The best way to achieve greater accountability is to have major regulators operating within a legislative framework that provides incentives to balance rigorous enforcement with efficiency and the facilitation of economic progress,” Ms Westacott said.

For further information contact:
Matt Newton, Communications Adviser
Business Council of Australia
Telephone (03) 8664 2627 • Mobile 0409 550 578