SHARING IDEAS THAT DO GOOD

RegX - unlocking value in regulations

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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 :  )

https://www.treasury.nsw.gov.au/sites/default/files/2020-07/FINAL%20Treasury%20report%20210720.pdf

Image by Sang Hyun Cho from Pixabay

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