New Zealand's Minister for Regulation David Seymour stressed the need for New Zealand's regulatory reform, citing areas that are found to be overly regulated, including barriers to foreign direct investment in particular, obtaining licenses and permits, and administrative and regulatory burdens.
"It's very difficult to invest, and Kiwis have lost productivity because of time spent complying with Wellington's orders," Seymour said.
The results of the five-yearly OECD product market regulation indicators should remove all doubts that the government should wage a war on red tape and regulation, he said.
The quality of regulation in New Zealand has been declining, he said, from second place in 1998 to twentieth place in this year's survey, adding that it was no coincidence that New Zealand had strong productivity growth in the 1990s. but has since regressed.
The Ministry of Regulation aims to reduce existing red tape with sector reviews, improve scrutiny of new laws and improve the capacity of the regulatory workforce.
"There needs to be a real change in the culture of law-making, so Kiwis spend less time complying and more time working. The end result is higher wages and lower living costs," the minister said.
The OECD survey of nearly 1,000 questions assesses the extent to which policies and regulations promote or prevent competition in product markets.
"It's very difficult to invest, and Kiwis have lost productivity because of time spent complying with Wellington's orders," Seymour said.
The results of the five-yearly OECD product market regulation indicators should remove all doubts that the government should wage a war on red tape and regulation, he said.
The quality of regulation in New Zealand has been declining, he said, from second place in 1998 to twentieth place in this year's survey, adding that it was no coincidence that New Zealand had strong productivity growth in the 1990s. but has since regressed.
The Ministry of Regulation aims to reduce existing red tape with sector reviews, improve scrutiny of new laws and improve the capacity of the regulatory workforce.
"There needs to be a real change in the culture of law-making, so Kiwis spend less time complying and more time working. The end result is higher wages and lower living costs," the minister said.
The OECD survey of nearly 1,000 questions assesses the extent to which policies and regulations promote or prevent competition in product markets.
