What can we do about this regulatory burden?

Posted May 26th, 2007 by Dr James Pratt

If businesses are facing increasing amounts of regulation and compliance costs, what can they do? There are generally only three options:

1. businesses can comply;

2. they can ignore the regulations; or

3. they can leave or close down.

New Zealand businesses are typically law abiding and try to comply as best they can. However, keeping up with changes and increased regulations is very daunting and resource draining for many. Excessive red tape and compliance costs can stall growth, eroding competitiveness both domestically and overseas. Often, many firms may choose not to comply.

The worst-case scenario in terms of economic growth would be for businesses to decide to either close operations or move their business offshore. This would not provide the economic growth New Zealand needs to maintain first world living standards.

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