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The good, the bad and the ugly: economic perspectives on regulation in Australia

Chairman's speech

On 2 October 2003 the Chairman, Gary Banks, gave an address, The good, the bad and the ugly: economic perspectives on regulation in Australia, to the Conference of Economists 2003, Business Symposium at the Hyatt Hotel, Canberra.

Contents

Introduction

Administering and complying with regulation is costly
Compliance is burdensome

Collateral damage and ‘friendly fire’: unanticipated effects of regulation
Substitution effects
Overly prescriptive regulation
Dangerous ‘cocktails’

The problem of regulatory overreach, or undue ambition
The seductiveness of controlling ‘market power’
How much help does David need against Goliath?
Section 46: is it broke?

Regulatory culture and capture

So what is ‘good’ regulation?

Working with the market
Economic incentives
Self- and co-regulation

Good process is fundamental

References