In NSW, the average age of regulation is 22 years with over 88,000 sections?
Regulation plays an important part in a civil society, but if its overly complex or onerous, it can impede innovation and slow down productivity.
A review of the NSW regulatory framework using AI and text analytics found there's ample opportunity to simplify the regulatory compliance framework. If the State saved 5% in compliance costs it could realise a net benefit of $0.6 - $4bn savings... and maybe pass that on to rateholders : )
Image by Sang Hyun Cho from Pixabay