Australia's regulatory nightmare

nstitute of Public Affairs | IPA Backgrounders Policy without Parliament: the growth of regulation in Australia.

This year, there will have been more legislation and regulation imposed in Australia than any other year in history. Furthermore, federal regulatory agencies have grown dramatically in the last decade. The budget and staff of the three major regulatory bodies - ACCC, ASIC and APRA - have nearly doubled over the last ten years.

The vastly expanding body of law and regulation not only has an economic and social impact, but also delegates increasing power to unelected regulators. Regulations, and the regulatory agencies which administer them, cast a gigantic shadow over Australia's economy and society.

All of which makes for a big challenge for Kevin Rudd and his new Minister for Finance and Deregulation, Lindsay Tanner.