Explanatory Memorandum
Circulated By the Authority of the Minister for Finance and Deregulation, the Hon Lindsay Tanner MPOutline
1. The Statute Stocktake (Regulatory and Other Laws) Bill 2009 (Stocktake Bill) proposes amendment or repeal of almost 30 Acts to remove regulation which no longer has any function or purpose. The purpose of the Bill is to reduce costs incurred by business in understanding and complying with outdated regulatory requirements, giving effect to the Government's commitment to reduce the level of poorly designed and ineffective regulation on Australian business.
2. The Stocktake Bill addresses regulation that was identified during, and subsequent to, a comprehensive stocktake of Commonwealth regulation completed in 2008. The measure is part of a suite of better regulation initiatives being taken forward by this Government to improve the quality of regulatory stock and ensure new regulation does not impose unnecessary costs and inefficiencies on business.