NSW Treasury has released a report on how to improve State regulation, as part of its series of Research and Discussion Papers.
Secretary of the Treasury, Michael Pratt said the report, Regulating for NSW’s Future, identified opportunities for the State to future-proof regulation, keep it flexible, fit-for-purpose and responsive in times of change.
“This report kickstarts a conversation about ways to improve NSW regulation, drawing on data and insights using artificial intelligence to identify potential areas of reform,” Mr Pratt said.
“The COVID-19 pandemic has demonstrated how rapidly circumstances can change,” he said.
“The NSW Government responded with a raft of temporary regulatory changes to protect citizens, while allowing businesses to flexibly deliver their products and services and enabling ongoing legal and administration requirements to be met through digital solutions.”
He said the pandemic could act as a catalyst for broader regulatory reform that would support businesses to adapt to changed business patterns and consumer preferences, while facilitating economic recovery.
“This report explores the regulatory framework in New South Wales, the challenges regulators face in ensuring regulation is fit-for-purpose, and identifies opportunities for the development of a roadmap for regulatory reform to enhance the productivity of our State,” he said.
“It also shows how leveraging advanced analytics and artificial intelligence (AI) technology can help regulators target the greatest opportunities for reform,” Mr Pratt said.
Treasury’s 15-page report can be accessed at this PS News link.
