The Institute is canvassing the views of members, and other industry experts, regarding the role of business in the regulatory environment. 
 
For many years, the Institute has advocated a reduction in government regulation, but also that regulation be framed to encourage sound corporate governance. This stops regulation becoming a solely compliance-focused, ‘box-ticking’ approach.  
 
The best regulation is self-regulation 
The Institute believes that the corporate sector can be a partner with government in policy development, not merely a recipient of policy. But business needs to do more than advocate this view.  
 
It is necessary to demonstrate to legislators, and the public, that business is not seeking to water down governance, risk management or transparent reporting. Nor is business seeking to gain a competitive position. Rather, corporations need to show their practical commitment to these standards and to consumer education and protection. 
 
This means taking a step further than complaining about the compliance burden. It means adopting practical solutions that clearly acknowledge the need to protect consumers and engender public confidence. In other words, industry must be positive and take direct responsibility for regulating itself, rather than passively waiting for government to do so. 
 
Reform is on the government’s agenda 
The new federal government’s announcement of a cabinet minister and assistant minister for deregulation indicates a determination to take a whole-of-government approach to regulation. The states, in the Coalition of Australian Governments are also committed themselves to reform.  
 
The Institute is encouraging industry debate 
The Institute recently held a workshop for senior representatives from industries such as resources, financial services, fast moving consumer goods and the media. The debate tackled a number of issues including, but not limited to:

• How can business lead the way?
• What does best regulation look like?
• How can the need for change be demonstrated, while working within established frameworks?
• How can business show the true cost of regulation?
• How can industry sectors work together?

• Business Council of Australia: modernising business regulation
• Federal government: minister for finance and deregulation home page
• Federal government: deregulation agenda speech, the Hon Lindsay Tanner MP
• Federal government: report highlights urgent need for reform