New Regulatory System Bill Keeps It Simple

The Business Council of Australia welcomes the introduction into parliament today by the Parliamentary Secretary to the Treasurer, Mr Chris Pearce, of the Simpler Regulatory System Bill.

“Initiatives such as allowing companies to post their annual reports online and send electronic copies to shareholders who request them should reduce paperwork burdens and business costs,” BCA Chief Executive, Ms Katie Lahey, said.

“The BCA has argued that unnecessary regulation can impose significant costs on business and the community. Regulation should only be imposed where its benefits clearly outweigh the costs.
 
"This is a good example of a review of existing legislation to determine whether it remains effective and efficient, with amendments to ensure that unnecessary costs are not imposed on business,” Ms Lahey said.

The BCA also welcomes the review process used by Mr Pearce, particularly the commitment to extensive consultation with business and other interested groups.

“We congratulate Mr Pearce on his transparent consultation process in developing these amendments to simplify business laws,” Ms Lahey said.
 
“Early consultation with appropriate timeframes is the best way to seek relevant and useful input from those affected by regulation and to obtain better regulatory outcomes.”

The Simpler Regulatory System Bill includes a number of amendments supported by the BCA in reducing paperwork burdens for business, such as the abolition of the requirement to issue prospectuses and disclosure documents for rights issues of listed securities and financial products.

The BCA urges federal and state governments to continue to use proper regulation making processes, including adequate consultation and cost–benefit analysis, in an effort to achieve good regulatory results in the future.