Source: BusinessNZ
Sound law-making is needed for NZ to attract investment and achieve economic growth, BusinessNZ says.
Chief Economist John Pask presented BusinessNZ’s submission on the Regulatory Standards Bill to the Finance and Expenditure Select Committee today.
He said the Bill was an important step towards improving the quality of regulation and reducing the compliance burden on businesses.
“While Parliament is sovereign and can change legislation at any time it sees fit, there is benefit from placing appropriate scrutiny on decision-makers when law is made,” Mr Pask said.
“This Bill is not a silver bullet, but it is another good tool in the toolbox to improve the quality of regulation in NZ.”
He said it was important that the Bill more clearly covered regulatory takings, where an individual or business had their property restricted or confiscated by regulation, and provided for the principle of compensation in such cases.
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