Historically, there's been a view of it's either you regulate or you deregulate.
I think this is more about better regulation, having a real focus on improving the way in which we regulate business.
Businesses need to make sure they've got an appropriate regulatory framework in which they operate.
But we as a government, we always have to try to find new and innovative ways to make sure that we get that balance right.
Regulatory reform matters in all areas. And that's because, there's regulations across our economy.
And it's important that we make sure that they are fit for purpose, that they're effective, and that they're efficient in doing what they do.
It’s an ongoing process. That reform process is needed to make sure that we're getting the balance right.
We're getting the best outcomes for society, but we're not over regulating individual markets, but we're also not under regulating situations and creating, for example, consumer risk.
Achieving simplicity, working out what do we really want to achieve from a piece of regulation, and then looking at how do we most simply get there is a critical part, whether it be Commonwealth or state or indeed the whole Commonwealth and states working together.
I'm really passionate about making sure that we only have just exactly the right amount of regulation not too little and not a touch more.
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