A group has called for a major rationalisation of Australian regulators.
The Monash Business Policy Forum has today released proposals to overhaul Australia's "rustic" regulators. The plan would reduce the number of key regulators in Australia to five, eliminating the ACCC and ASIC and replacing them by new, completely redesigned regulatory bodies, The Australian
The five proposed regulators would be the Reserve Bank, and new bodies governing national markets, competition, consumer protection and essential services. The paper was prepared by former ACCC commissioner Stephen King, former CBA
head of group strategy Rod Maddock and former ACCC commissioner Joe Dimasi.
"Australia’s microeconomic reform since the 1980s has been about changing regulatory structures rather than deregulation. These structures have not developed in a systematic and optimal way. It is important to rationalise these rustic regulatory structures to ensure Australia’s ongoing growth and prosperity," the paper said.
Read the full paper here